US EditionGlobal Oil Hovers Around $100 Despite U.S. Lifting Sanctions
The U.S. authorized a short-term waiver for Russian oil shipments loaded by March 12 to ease supply disruptions near the Strait of Hormuz as Brent crude nears $100 a barrel.
- On Thursday, Treasury Secretary Scott Bessent announced a 30-day waiver permitting countries to purchase Russian oil currently stranded at sea, intended to stabilize global energy markets amid Middle Eastern supply disruptions.
- Fighting has choked off most tanker transport through the Strait of Hormuz, where Iran has reportedly been laying mines, forcing the U.S. to contain economic fallout from the resulting global oil supply squeeze.
- Ukrainian President Volodymyr Zelenskyy criticized the move, claiming it "does not help peace," while Democratic Sen. Jeanne Shaheen of New Hampshire labeled it a "Putin 'windfall'" providing Russia "about $10 billion."
- Despite the waiver, Brent crude trades at over $100 per barrel, and Goldman Sachs revised its price forecast 20% higher, assuming a three-week disruption to the strait continues.
- German Chancellor Friedrich Merz noted that six members of the Group of Seven expressed clear opposition to the decision after leaders discussed the waiver with President Trump this week.
22 Articles
22 Articles
To the annoyance of Europeans, the US is loosening sanctions on Russian oil - but the price remains very high, and the hope for an early end to the war is getting smaller and smaller.
Stocks mixed, oil holds above $100 after temporary lift on Russian energy sanctions
US stocks were mixed and oil ticked back up to $100 a barrel after earlier dips in the session as investors braced for a possibly prolonged war in Iran and the White House announced a temporary lift on Russian energy sanctions.
On Thursday, the US Ministry of Finance announced an authorization to sell Russian oil until April 11, a decision which the EU criticized, but which Emmanuel Macron considers to be "exceptional and limited".
Oil clings to the $100 despite the various announcements, both globally and from the United States, to try to calm energy markets in a state of maximum tension with the war unleashed by Washington and Tehran in the region. The U.S. Treasury Department has issued a license to allow the purchase of Russian crude oil that has already been loaded on ships, in an attempt to "increase the global reach of existing supply."
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