U.S. Renewed Russian Oil Waiver Allows Purchase Until May 16

The U.S. Treasury Department renewed a waiver permitting the purchase of sanctioned Russian oil at sea for one month, valid until May 16. This follows pressure from nations facing energy price shocks linked to the U.S.-Israeli conflict with Iran. Global oil prices fell 9% to approximately $90 a barrel amidst these developments. The waiver comes despite bipartisan criticism from U.S. lawmakers regarding its potential impact on sanctions aimed at Russia and Iran.