Trump grants 30-day Russian oil sanctions waiver as Iran war spikes energy prices

The Trump administration issued a 30-day sanctions waiver on March 14, 2026, authorizing transactions involving Russian crude oil loaded on vessels on or before March 12, to stabilize energy markets disrupted by the Iran war. The Strait of Hormuz closure had cut roughly 20 percent of global oil supply — the largest disruption in history. A parallel waiver for Iranian crude on water was also issued. Despite the relief, oil prices kept climbing for three weeks and Russia earned an estimated $150 million in extra budget revenue per day from elevated prices.