US Renews Russian Oil Waiver to May 16, Prices Plunge 9% to $90/bbl

The U.S. Treasury renewed a one-month waiver for sanctioned Russian oil purchases at sea through May 16, reversing Secretary Scott Bessent's April 16 decision not to extend the prior waiver that expired April 11. The about-face came under pressure from allies like India grappling with energy shocks from the U.S.-Israeli war with Iran, after the Kremlin claimed minimized sanctions impact. Oil prices plunged 9% to $90/bbl as the Strait of Hormuz reopened, easing supply fears despite damaged regional infrastructure; crude futures hit $83.85 (-11.45%).