The month-long reprieve announced last Friday was meant to cool soaring energy prices, the treasury secretary has said

The US decision to extend sanctions relief for Russian oil was taken to prevent crude prices from exploding amid the Iran war and followed pleas from energy-vulnerable countries, Treasury Secretary Scott Bessent has said.

Testifying before a Senate appropriations subcommittee on Wednesday, Bessent defended last week’s U‑turn to prolong a general license allowing deliveries of Russian oil and petroleum products that were already loaded on tankers.…