Russia News Updates

The decision underscores the pressure President Donald Trump faces to rein in higher fuel costs and address a global supply crunch caused by the Iran war.

The expiration effectively ends a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred.

The announcement comes as global flows of fertilizers have been disrupted by the Iran war.

It’s unclear how much extra oil the step will free up in practice, and it represents a fraction of what has been lost because of the Hormuz turmoil this month.

The move comes after months of Trump pressing India to cut its reliance on cheap Russian crude. Trump said that India would also start to reduce its import taxes on U.S. goods to zero.

President Trump posted on social media that the new duty would be “effective immediately,” without providing further detail. The administration has yet to outline the scope.

EIA expects the spot Brent crude price to average $55 per barrel in 2026, down from $69 in 2025 and $81 in 2024. Brent is the global benchmark for crude prices.

The step by Platts, a unit of S&P Global Energy, effectively eliminates one source of supply that might be cheaper than others. The move will align with European Union rules.

Lukoil gasoline stations in the U.S. are experiencing major issues with card payments, forcing some franchise owners to consider asking more customers to use cash.

Crude prices jumped after the sanctions announcement, but market reaction has been muted amid confusion over just how seriously the White House would enforce the new measures.