Oil prices fall 2% as U.S. pressures Iran and some restrictions on Russia are eased

Brent crude oil fell by 2.1% to $108.93 per barrel, while West Texas Intermediate futures dropped by 2% to $102.05 per barrel. Meanwhile, the UK government relaxed sanctions on Russia, allowing the import of diesel and jet fuel refined abroad from Russian oil into the country, at a time when the near closure of the Strait of Hormuz continues to squeeze supply. Earlier this week, the US extended a sanctions waiver, allowing countries to purchase Russian oil currently stranded at sea.