White House Allows Russian Oil Sanctions Waiver to Expire for Third Time (opens original article in a new tab)

The U.S. allowed a sanctions waiver for Russian oil to expire, with Trump stating the administration would not renew it due to oil flow through the Strait of Hormuz, leading to decreased global oil prices.

• U.S. sanctions waiver for Russian seaborne crude expired for the third time
• Trump indicated administration unlikely to renew waiver citing oil flow through Strait of Hormuz
• Global oil prices dropped as market anticipated U.S.-Iran deal and restored shipping traffic