US eases sanctions on Russian oil as Strait of Hormuz tensions intensify

Mar 13, 2026 at 01:43 PM

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Lanka Leader

The United States has temporarily lifted sanctions on certain Russian oil shipments in an effort to stabilize global energy markets amid escalating conflict in the Middle East.

According to the US Treasury, the exemption applies to shipments of Russia’s oil that were loaded onto tankers before March 12. The move comes as global energy supplies face pressure following the ongoing military confrontation involving Iran and Israel.

Kirill Dmitriev, an investment envoy for Russian President Vladimir Putin, said the decision could affect roughly 100 million barrels of oil. He argued that the move reflects recognition that Russian supplies remain important for maintaining stability in global energy markets.

Rising tensions around the Strait of Hormuz

Meanwhile, tensions remain high around the strategically vital Strait of Hormuz, a key passage for global oil shipments.

Iran’s newly appointed supreme leader, Mojtaba Khamenei, warned that the strait could remain closed to countries he described as hostile until the United States and Israel provide compensation for damage caused during the conflict.

Despite multiple reported attacks on commercial vessels in the area earlier this week, US President Donald Trump urged tanker operators to continue using the route, stating that ships should not be deterred from sailing through the strait.

Oil markets remain volatile amid the uncertainty. Brent crude futures continued trading above $100 per barrel on Friday despite Washington’s attempts to calm market fears.

Military incidents and regional unrest

The US Department of War has launched a rescue operation after a Boeing KC-135 Stratotanker refueling aircraft was reported lost in Iraqi airspace. The incident marks the fourth confirmed loss of a US manned aircraft in recent weeks, following the downing of three F-15E Strike Eagle fighter jets in what was described as a friendly-fire incident over Kuwait earlier this month.

Iranian media claimed the refueling aircraft was shot down by pro-Tehran militias operating in Iraq. The same groups reportedly attacked a Kurdish base earlier in the day, injuring six French soldiers. Emmanuel Macron, president of France, later confirmed that one French servicemember had died.

In his first public address since assuming leadership, Khamenei said Tehran would pursue compensation from the United States and Israel for the damage caused during the conflict. He warned that Iranian authorities could seize or destroy assets belonging to the two countries if reparations are not provided.

Oil infrastructure attacks and financial fallout

Violence has also spread to energy infrastructure across the region. Two oil tankers were reportedly struck near the Iraqi port of Umm Qasr Port early Thursday, while fires continued to burn overnight at the port of Port of Salalah in Oman.

Saudi Arabia and Bahrain also reported strikes on oil facilities, prompting Oman to evacuate vessels from Mina Al Fahal as a precaution.

Meanwhile, a Pentagon investigation into a strike on a school in Minab that killed 168 children found that outdated US targeting data linked to a nearby facility belonging to the Islamic Revolutionary Guard Corps may have contributed to the attack.

The conflict has also begun to affect the financial sector. Western banks have reportedly started closing some Middle East branches after Iran threatened retaliatory measures against financial institutions following strikes on Bank Sepah, a state-owned Iranian bank responsible for handling military and IRGC payrolls.

Security concerns extend beyond the region

Authorities in the United States are also monitoring potential security threats linked to the conflict. The Federal Bureau of Investigation warned officials in California about possible drone attacks launched from a vessel off the West Coast.

However, California Governor Gavin Newsom said there was currently no indication of an imminent threat, adding that state authorities remain prepared to respond to any emergency.