DUBAI: The US Treasury Department announced Thursday it was taking steps to further ease sanctions on Russian oil as crude prices surge during the Iran war.

The agency said that it was granting a license that authorises the delivery and sale of some sanctioned Russia crude oil and petroleum products for the next month.

Trump signalled earlier this week that he would take further action to ease restrictions on sanctioned oil to help make for the loss of oil flowing on the market because of the effective closure of the Strait of Hormuz.