Moscow said on Friday that the global energy market “cannot remain stable” without its oil, piling pressure on Washington to lift more sanctions as the Middle East war strangles supplies.
The United States has eased some oil sanctions on Russia imposed over its invasion of Ukraine, prompting backlash from Western allies who urged Washington to keep up restrictions as the Ukraine conflict drags into its fifth year.
The US-Israel strikes 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 strategically vital Strait of Hormuz.
The United States is temporarily allowing the sale of oil from Russia — one of the world’s largest oil producers and exporters — that is at sea, the Treasury Department said Thursday, as nations scrambled to boost supply and bring down prices.
Oil prices soared to almost $120 a barrel this week, the highest price since the pandemic.
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