The U.S. is temporarily easing some sanctions on Russian oil shipments due to sharply higher crude prices due to the Iran war. The move is intended to calm markets over disruption of Middle Eastern oil and gas supplies. However, the war has boosted Moscow's ability to profit from its energy exports, a key part of its budget as it purses its invasion of Ukraine. U.K. Treasury Secretary Scott Bessent stated that the 30-day extension of sanctions would allow buyers to take Russian oil without fear of running afoul of US sanctions rules. The price of international benchmark Brent crude rose after the announcement, but soon rose again to trade at $103.24 per barrel.