President Trump announced that the US will soon reimpose sanctions on Russian oil, citing eased global supply concerns due to resumed flows through the Strait of Hormuz after a deal with Iran. This shift in focus allows Washington to concentrate more on the Ukraine war, as G7 leaders discuss further measures against Russia's energy revenues.

Trump announces the Strait of Hormuz will fully reopen by Friday under a US-Iran deal. Oil prices drop, and crypto markets could feel the ripple effects.

EVIAN-LES-BAINS, France (AP) — The United States could soon reimpose sanctions on Russian oil shipments after President Donald Trump and fellow leaders at the Group of Seven…