Oil prices rise despite temporary easing of US sanctions against Russia
Kyiv • UNN
Brent price rose by 9% in a week due to supply risks in the Strait of Hormuz. The US temporarily allowed the purchase of Russian oil to stabilize the market.
Global oil prices continue to rise, despite the US decision to temporarily allow the purchase of Russian oil at sea. On Friday, Brent crude futures rose to about $100.56 per barrel, indicating a weekly increase of approximately 9%. This was reported by Reuters, writes UNN.
Details
US WTI crude traded at around $95.57 per barrel. Although the price decreased slightly during the day, it could also rise by approximately 7% by the end of the week. The US Treasury Department explained the issuance of a 30-day permit to purchase Russian oil as an attempt to stabilize energy markets amid the US and Israel's war against Iran.
Market reacts to supply risks
Analysts note that this step only partially calmed the market. According to experts, the main reason for the price increase remains disruptions in energy supplies and risks to shipping in the Strait of Hormuz.
Additional pressure on the market is created by the hostilities in the region. Iran declares its readiness to use the Strait of Hormuz as leverage, and attacks on tankers have been reported in Iraqi waters. Against this background, the US is considering the possibility of escorting merchant ships through the strait with naval forces together with an international coalition.
US allowed to buy Russian oil at sea for 30 days13.03.26, 06:13 • 16671 view