Treasury Department renewed a sanctions exemption for Russian oil exports Friday, allowing hundreds of millions of barrels to flow legally until May 16. The move reverses earlier statements from Treasury Secretary Scott Bessent, who initially vowed not to extend the waiver for stranded crude. Iran’s Strait of Hormuz reopened to commercial shipping days earlier, with Tehran claiming it would remain open “for the remaining period of cease-fire,” though no long-term commitment was made. President Trump celebrated the development on social media, declaring the “Hormuz Strait situation is over,” despite ongoing U.S.-Iran tensions over port blockades.