US Treasury Department has announced that it is taking steps to further ease sanctions on Russian oil as crude prices surge during the Iran war. The Treasury Department said that it is granting a license that authorises the delivery and sale of some sanctioned Russia crude oil and petroleum products for the next month. US President Donald Trump signalled earlier this week that he would take further action to ease restrictions on sanctioned oil to help make for the loss of oil flowing on the market because of the effective closure of the Strait of Hormuz.
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