On March 13, U.S. Treasury Secretary Scott Bessent announced a temporary easing of sanctions on Russian oil until April 11, 2026, amid rising energy prices due to the war in Iran. Tensions escalated in the region following attacks on oil and gas facilities, causing oil prices to surge above $100 per barrel. On April 8, a two-week ceasefire between the U.S. and Iran was announced, leading to a drop in oil prices below $100 per barrel.
