US Edition
Global 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 Friday, global oil prices traded around the $100-a-barrel level, with Brent crude inching down 0.2%, shrugging off the Trump administration's temporary allowance of sanctioned Russian crude.
- Following reports of mine-laying and attacks, at least 16 vessels were targeted near the Strait of Hormuz, threatening one-fifth of global oil supply and prompting U.S. military to contain economic fallout.
- The U.S. Treasury posted a license that applies only to Russian crude and petroleum products loaded on vessels as of March 12 and allows shipments through April 11 as a short-term measure, while earlier granting Indian refiners a 30-day waiver.
- Countries have already taken emergency steps by curbing consumption, capping fuel prices, and tapping emergency oil reserves, while analysts warn the Strait of Hormuz may not reopen quickly, keeping price risks high.
- Longer-Term forecasts point to increased supply uncertainty, with analysts noting Russia produces around 10 million barrels per day while blockage reducing flow by 13 million to 14 million barrels, and Goldman Sachs raising its end-of-year Brent forecast from $71 to over $100 a barrel.
16 Articles
16 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…
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