More oil as the war drags on.
As the fragile ceasefire between the US and Iran still holds, with ‘serious negotiations’ being held, the effects of the closure of the Strait of Hormuz are still affecting oil prices and the energy security of many countries.
Today (18), Treasury Secretary Scott Bessent announced that the Donald J. Trump administration will extend for another month a waiver that allows the sale of Russian crude that is already loaded on tankers.
Politico reported:
“The move is aimed at keeping more oil on global markets and tempering crude prices as the war in Iran, now nearing its third month, continues to choke off shipping through the Strait of Hormuz. But critics have blasted the waiver as allowing Russia to profit from elevated oil prices and enriching Moscow’s war machine.”
“The general license from Treasury’s Office of Foreign Assets Control allows any country to purchase Russian oil already on the water for another month. It extends the sanctions relief, first issued in March and renewed in April, for a third month.
‘This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries’, Bessent said in an X post. ‘It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil’.”
Hellbound and Down 