"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction. The Trump administration has repeatedly pledged to escort vessels through the strait, though activity has yet to recover."
"The Middle East conflict has all but closed the strait of Hormuz, one of the most important arteries in global trade, through which about a fifth of the world's oil and seaborne gas tankers typically pass. The Iranian regime has declared that it will not allow one litre of oil to be exported from the region while US and Israeli attacks continue."
"Trump claimed India had agreed to stop purchasing it, in a shift that he said would help END THE WAR in Ukraine by cutting off a vital source of funds for Russia. There were about 124m barrels of Russian-origin oil on water across the world as of Thursday."
The Trump administration announced a temporary 30-day waiver allowing countries to purchase Russian oil stranded at sea, responding to fuel price increases averaging 65 cents per gallon monthly. Treasury Secretary Scott Bessent stated the measure applies only to oil already in transit and provides minimal financial benefit to Russia since most energy revenue comes from extraction taxes. Approximately 124 million barrels of Russian oil remain on water globally. Brent crude remained above $100 per barrel despite this action. The Middle East conflict has severely restricted oil flow through the Strait of Hormuz, a critical global trade route handling about one-fifth of world oil supplies. Iran declared it will not permit oil exports while US and Israeli attacks continue. The administration previously granted India a similar 30-day waiver to purchase Russian oil.
#oil-sanctions-waiver #global-energy-prices #middle-east-conflict #strait-of-hormuz #russian-oil-supply
Read at www.theguardian.com
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