US considers lifting more sanctions on Russian oil as Iran conflict sees global prices surge

Washington says new measures not aimed at easing restrictions on Moscow and only affect supplies already in transit

The US treasury secretary, Scott Bessent, said on Friday that his government was considering lifting sanctions on more Russian oil, a day after it temporarily authorised India to buy from Moscow as global oil prices surged.

The US-Israel war on Iran and Tehran’s retaliatory attacks across the Gulf region have upended the world’s energy and transport sectors, virtually halting activity in the strait of Hormuz.