The United States government has issued a temporary waiver allowing countries to purchase sanctioned Russian oil currently at sea in a move aimed at easing global energy prices driven up by the ongoing war involving the US, Israel, and Iran.
DDM gathered that the 30-day waiver will permits the purchase of Russian petroleum cargoes already in transit, according to officials, as US attempts to stabilise oil markets disrupted by the conflict.
Despite the measure, DDM learnt that the global oil prices remained elevated.
Benchmark Brent crude traded at about $101 per barrel on Friday, reflecting continued market anxiety over energy supply disruptions.
DDM reported that oil prices have risen sharply since the war began, increasing by roughly 40 percent since the start of hostilities and surging nearly 9 percent on Thursday alone.
The conflict has raised fears that prolonged disruption to shipping through the Strait of Hormuz a route that carries roughly one-fifth of the world’s oil could further tighten global supplies.
As the conflict approached its third week, Iran launched another barrage of missiles and drones targeting Israel, while Israeli forces carried out strikes across Tehran and other areas in Iran.
Israeli attacks also targeted positions of the Iran-aligned Hezbollah in Lebanon, including areas in the capital, Beirut.
Iranian media reported explosions and fighter jet activity in Tehran and in Karaj, west of the capital, while rallies were held across Iran to mark Quds Day, an annual event expressing support for Palestinians.
US officials say the waiver is designed to prevent the conflict from triggering a prolonged energy shock.
According to Scott Bessent, the US Treasury Secretary, the surge in oil prices represents a temporary disruption.
“The temporary increase in oil prices is a short-term disruption that will ultimately benefit our nation and economy in the long term,” he said.
Meanwhile, the International Energy Agency warned that the war has triggered the largest disruption to global oil supplies in history, adding further pressure on energy markets.
In the United States, retail fuel prices have already risen. Data from the American Automobile Association showed average gasoline prices climbing to $3.60 per gallon, the highest level since May 2024, while diesel prices reached $4.89 per gallon, the highest since December 2022.
