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.
- Markets held the line near $100 on Friday, despite the U.S. temporarily allowing Russian crude shipments through April 11, according to the Treasury.
- Following reports of mine-laying and attacks, at least 16 vessels were hit near the Strait of Hormuz, pushing crude prices higher and threatening one-fifth of global oil supply as Iran warned of retaliation.
- A license was issued to Indian refiners, allowing Russian crude loaded by March 12, as a short-term measure, Bessent said.
- Countries have scrambled to curb economic effects by curbing consumption, capping fuel prices and tapping emergency oil reserves amid attacks in the Strait of Hormuz, where at least 16 vessels have been attacked this week.
- Longer-Term forecasts point to a potential supply increase, as Jefferies' analysis shows Russia produces around 10 million barrels per day, but a blockage reducing flow by 13 million to 14 million barrels questions how easing sanctions will boost supply.
15 Articles
15 Articles
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."
It was reported on the 13th that Iran has begun laying mines in the Strait of Hormuz, breaking through intensive blockades by U.S. forces. This appears to be a strategy aimed at inducing a U.S. declaration of an end to the war by dealing a blow to the global economy through a blockade of the Strait of Hormuz, through which 20% of the world's crude oil shipments pass. Earlier, on the 12th, Iran's new Supreme Leader Mojtaba Khamenei issued his fir…
Global oil hovers around $100 despite US temporarily lifting sanctions on Russian oil stranded at sea
By Luciana Lopez, Stephanie Yang, CNN (CNN) — Global oil prices traded around the $100-a-barrel level Friday, shrugging off the Trump administration’s earlier decision to temporarily allow the delivery and sale of sanctioned seaborne Russian crude – a waiver aimed at mitigating a surge in prices following its attacks on Iran. The license, posted to the US Treasury website, applies only to Russian crude and petroleum products loaded on vessels as…
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