US extends Russian oil waiver through May 16. The Trump administration issued a license allowing India and other countries to purchase sanctioned Russian oil at sea for approximately one month, replacing a waiver that expired April 11. The move aims to control global energy prices that have surged during regional tensions. Treasury posted the license Friday, excluding transactions with Iran, Cuba, and North Korea. Global oil prices fell nine percent to around ninety dollars per barrel after Iran temporarily reopened the Strait of Hormuz. However, the conflict has created the worst global energy supply disruption in history according to the International Energy Agency. The extension follows pressure from partner nations at recent G20, World Bank, and IMF meetings in Washington.
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