The U.S. Treasury Department has 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 general license means U.S. sanctions will not apply for 30 days on deliveries of Russian oil that has been loaded on tankers as of Friday. It extended a similar 30-day license issued in March for Russian oil that had been loaded by March 11. The extension underscores how the fallout from the Iran war has boosted Moscow’s ability to profit from its energy exports, which had been restrained since the invasion of Ukraine. The administration did not immediately explain the reversal.

NEW YORK (AP) — After U.S. President Donald Trump and Iran’s foreign minister said the Strait of Hormuz was fully open to commercial vessels a…

Oil prices dropped back to where they were in the early days of the Iran war, and U.S. stocks raced to another record. The S&P 500 leaped 1.2% Friday after Iran said the Strait of Hormuz is open again for commercial tankers carrying crude. The Dow Jones Industrial Average leaped as many as 1,100 points before paring its gain and ended with a jump of nearly 870 points, or 1.8%, while the Nasdaq composite climbed 1.5%. A freer flow of oil could take pressure off prices not only for gasoline but also for groceries and all kinds of other products. Oil prices fell 9%.

JUNEAU, Alaska (AP) — The U.S. government plans another oil and gas lease sale for Alaska's Arctic National Wildlife Refuge — following two pr…

President Donald Trump is betting that the tax cuts he signed into law last year will resonate with voters in Las Vegas. He promoted those cuts in remarks there Thursday, as he pushes a focus on economic issues for this year’s elections. But his effort to highlight the fact that workers who earn tips and overtime will get bigger returns this tax season is getting eclipsed by higher gas prices driven by the Iran war. The president’s trip includes a stop in Phoenix on Friday for an event with conservative political group Turning Point USA.

The U.S. stock market ticked upward to another record high. The S&P 500 rose 0.3% Thursday, a day after topping its prior all-time high set in January, for its 11th gain in 12 days. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite rose 0.4%. Strong profit reports from several big U.S. companies helped support the market and offset a climb for oil prices. The price for a barrel of Brent crude rose back above $99. Treasury yields edged higher in the bond market, while stock indexes rose in much of Europe and Japan.