Oil prices fell by 2%, the US is putting pressure on Iran and some restrictions on Russia have been eased.

In the early and mid-morning session of the European market, oil prices extended their decline by over 2%, as the Trump administration continues to pressure Tehran to agree to the US demands for ending the conflict. Brent crude fell by 2.1% to $108.93 per barrel, while West Texas Intermediate crude futures dropped by 2% to $102.05 per barrel. Meanwhile, the UK government has eased sanctions on Russia, allowing the import of diesel and aviation fuel refined from Russian oil abroad, as the closure of the Strait of Hormuz continues to squeeze supplies. Earlier this week, the US extended a sanction waiver allowing countries to purchase Russian oil that is currently stranded at sea.