US Will Not Extend Sanctions Relief on Russian and Iranian Oil
The United States government is resuming its sanctioning stance against Moscow and Tehran by confirming it will not extend temporary exemptions that allowed the trade of crude oil from both nations.
TL;DR
- The US will not extend temporary exemptions for the sale of Russian and Iranian crude oil.
- This decision aims to economically pressure Russia following its invasion of Ukraine.
- It also seeks to punish Iran for its alleged nuclear program and funding of groups like Hezbollah.
- The US administration prioritizes cutting revenue streams for both countries from crude sales.
- Global oil prices remained relatively stable, with Brent crude rising 0.15% to $94.93 and WTI at $91.29.
- US commercial crude reserves unexpectedly fell by 900,000 barrels in the week of April 10th.
- The strategic petroleum reserve decreased by 4.1 million barrels as part of a government plan to utilize resources amid high hydrocarbon prices.