Downing Street has hit back at the US decision to loosen sanctions on Russian oil as Yvette Cooper accused the Kremlin and Iran of attempting to "hijack the global economy". Oil prices have rocketed to around $100 a barrel as energy markets were rocked by Iran's blockade of the Strait of Hormuz - a crucial shipping lane. US Treasury Secretary Scott Bessent scrambled to curb the economic fallout by allowing temporary authorisation for countries to buy Russian oil already loaded on vessels at sea