The Iran war has resulted in a surge in oil prices, contributing to a difficult economic conflict with Russia. The Treasury Department recently announced a one-month waiver on U.S. sanctions on Russian oil, following a more limited one allowing India to buy Russian oil. The move does not appear to have significantly decreased oil prices. However, it could have long-term consequences, as Russia's oil revenue funds the Ukraine war. The White House's energy team is focused on maintaining stability in energy markets. The war also changed Iran's ability to leverage its economic might, leading to the closure of the Strait of Hormuz.