U.S. Treasury Extends Sanctions Waiver on Russian Oil

The U.S. Treasury has announced an extension of its sanctions waiver on Russian seaborne oil, which originally expired on Saturday. The extension, lasting an additional 30 days, comes after multiple countries appealed for more time to continue their oil purchases from Russia.

The waiver was initially implemented to address global oil supply shortages and escalating prices after Iran's closure of the Strait of Hormuz amidst tensions involving a U.S.-Israeli offensive. Although the move was intended to stabilize the market, it has not had the desired effect on U.S. gasoline prices.

Despite the extended waiver, the pressure on oil prices in the U.S. continues, suggesting further measures might be needed to achieve market stability in the coming weeks.

(With inputs from agencies.)