Oil prices edged higher this morning despite the US lifting some sanctions on Russian oil in an attempt to stabilise global energy markets.
Benchmark Brent crude rose 0.8% to just over $101 a barrel, highlighting continued volatility linked to the war in Iran.
The US Treasury announced temporary exemptions allowing Russian oil currently stranded at sea to be shipped worldwide until April 11. The move could release hundreds of millions of barrels of crude onto global markets, with officials hoping it would push prices back below $100.
Washington originally imposed sanctions on Russian oil following Moscow’s invasion of Ukraine.
However, the recent surge in oil prices — driven by the Iran conflict and the closure of the Strait of Hormuz, a key global energy chokepoint — has prompted efforts to ease pressure on supply.
US Treasury Secretary Scott Bessent said the measure was intended to expand available supply without significantly benefiting Moscow.
He later acknowledged Russia could benefit slightly for a short time, describing it as “a micro period” that was “unfortunate.”