The United States has issued a 30-day waiver allowing countries to buy sanctioned Russian petroleum products already at sea, in a bid to ease rising global oil and gas prices amid the ongoing conflict in the Middle East.
Despite the move, benchmark Brent crude surged back to $101 per barrel on Friday, while Asian shares faced pressure as market uncertainties continued.
The conflict, now entering its third week, saw Iran ‘fire additional missiles and drones at Israel on Friday.’
The Israeli military reported strikes across Tehran and operations targeting the Iranian-allied Hezbollah militia in Lebanon, including Beirut, as Iranian media covered rallies for Quds (Jerusalem) Day in support of Palestinians.
Media outlets in Iran reported ‘the sounds of explosions and fighter jets in the capital, Tehran, and the city of Karaj.’
Oil prices have been highly volatile following comments from Donald Trump about the potential duration of the conflict. Attacks on vessels and disruptions in the Strait of Hormuz, a key route for about one-fifth of global oil shipments, have added to market uncertainty.
U.S. Treasury Secretary Scott Bessent said; the temporary surge in oil prices is a short-term disruption that is expected to benefit the U.S. economy in the long term.”
Reuters.