The US has relaxed its sanctions on Russia due to rising oil prices, permitting countries to purchase oil from Moscow to "promote stability in global energy markets."

Donald Trump's decision comes as Iran's continued attempts to stop shipping in the Strait of Hormuz have led to trade in the critical shipping lane all but collapsing, The Caspian Post reports, citing foreign media.

Oil crept back up over $100 a barrel on Thursday, leading to a fall in stock markets and putting pressure on Trump to stop the conflict before serious economic damage is dealt.

Before the war, a barrel of oil was trading for between $60-$70.

US Treasury Department Secretary Scott Bessent said the easing of sanctions was a temporary measure to "promote stability in global energy markets" and would last until April 11.

He said: "This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government."

The pressure on the global oil market led to all 32 International Energy Agency's (IEA) members, including the UK, the US, and many of the world's richest nations, agreeing to release 400 million barrels of oil from their reserves to combat the rise in prices, but it only equates to around four days' of the world's global supply.

The pressure in the market has also led Chancellor Rachel Reeves and Energy Secretary Ed Miliband to issue stern warnings against profiteering from fuel forecourts.

The government has already promised to intervene if companies engage in “unfair” practices that would hit customers facing a rise in the price of home heating oil, which is not covered by Ofgem’s energy price cap.

US Refuelling Plane Crashes in Iraq

On the war front, the US said it is launching an investigation into an incident over Iraq that led to a refuelling plane crashing.

The cause of the crash is not known, but the other plane that was involved in the collision was able to land safely.

US Central Command said it was not caused by enemy or friendly fire.

The fate of the six servicemembers on board is currently unknown, and a rescue operation is underway.

The conflict showed no signs of slowing down on Friday, with Trump issuing a new threat saying, "Watch what happens to these deranged scumbags today."

He said it was a "great honour" to be killing the Iranian regime after it had "been killing innocent people all over the world for 47 years."

Israel said it had launched 200 strikes on Iran on Friday morning, as Iranian retaliation led to two foreigners being killed in Oman.

France also confirmed its first casualty overnight on Thursday, with French President Emmanuel Macron confirming Chief Warrant Officer Arnaud Frion had been killed by a drone in Iraq.