The U.S. Treasury Department on Friday extended its pause on sanctions on Russian oil shipments to ease shortages from the Iran war, days after Secretary Scott Bessent ruled out such a move.

The US-Israel war on Iran, launched on February 28, has roiled global energy and equities markets after Tehran virtually closed the key Strait of Hormuz.

Fatih Birol, executive director of the International Energy Agency (IEA), has described the ongoing situation as “the largest energy crisis we have ever faced” due to the lack of supplies through the ...