- Oil prices surged to $100 a barrel amidst the ongoing Iran war, prompting the US Treasury Department to permit countries to purchase Russian oil "currently stranded at sea".
- The Treasury Secretary stated this "short-term measure" aims to stabilise global energy markets and mitigate rising prices, asserting it would not significantly benefit the Russian government.
- California Governor Gavin Newsom criticised the decision by sharing an AI-generated image depicting Russian President Vladimir Putin walking Donald Trump like a dog.
- The conflict in Iran has caused significant uncertainty in oil markets, with Iran threatening to close the Strait of Hormuz, a crucial global oil transit route.
- The US is also releasing 172 million barrels from its Strategic Petroleum Reserve and taking military action to protect shipping in the Strait of Hormuz.
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