Global Oil Prices Remain High Amid US Sanction Lifting on Russian Crude

Global oil prices are holding steady around $100 per barrel, despite the US government's temporary waiver allowing the sale of Russian oil stranded at sea. This waiver, effective for shipments loaded before March 12 and valid until April 11, aims to alleviate rising prices exacerbated by geopolitical tensions, particularly the closure of the Strait of Hormuz, which usually facilitates a significant portion of global oil transport. Economists warn that while the waiver may help, it is unlikely to significantly benefit the Russian economy or stabilize global supply. The situation remains precarious, with potential threats from Iran and ongoing attacks on maritime vessels in the region.

Key Details: • Temporary waiver for Russian oil applies to shipments loaded before March 12, valid until April 11. • Brent crude currently priced at over $100 per barrel; WTI at nearly $95. • 16 vessels have been attacked in the Strait of Hormuz in the past two weeks. • Goldman Sachs predicts Brent prices could rise to $100 in March if disruptions continue.