Trump admin loosens sanctions on Russian oil as prices skyrocket: report

President Donald Trump's administration temporarily lifted sanctions against Russian oil that is already at sea on Thursday in an effort to ease the oil price crisis caused by the recent war in Iran, according to a new report.

The New York Times reported that the new exemptions will be in place until April 11. The U.S. initially placed sanctions on Russian oil as a means of exerting economic pressure on the country to end its war in Ukraine.

The price of a barrel of oil was hovering around $95 at the end of Thursday's trading session, which represents a more than 48% increase since late February.

"The lifting of oil sanctions represents a sharp reversal from last summer, when the administration doubled tariffs on India as punishment for its purchases of oil from Russia," the report reads in part.

Read the entire report by clicking here.