The exemptions came shortly after the US and Israel launched a war against Iran on February 28. According to US Treasury Secretary Scott Bessent, the purpose was to stabilize the global energy market.
The blocked Strait of Hormuz and attacks on infrastructure around the Persian Gulf are the biggest supply disruption to the oil market in history, according to the Western energy agency, the IEA.
The price of North Sea oil (Brent) rose just over 8 percent this week to $109.26 per barrel. This compares with around $70 per barrel at the end of February.
