The US Treasury extended sanctions relief on Russian and Iranian seaborne oil for 30 days in response to requests from vulnerable countries facing oil shortages due to the closure of the Strait of Hormuz. This reversal of a previous announcement comes amid concerns about global energy security and potential disruptions to oil supplies. The Treasury dismissed claims of Iranian gains, providing no alternative figures.
President Trump extended the Iran ceasefire deadline, citing a fractured Iranian government and the need for a unified proposal. The US is imposing severe economic sanctions on Iran, resulting in a daily loss of $500 million in oil revenue. This extension aims to allow Iran to formulate a cohesive proposal.