US Grants Waiver Allowing Purchase of Russian Seaborne Oil; Brent Falls Below $100
Key Takeaways
- United States announced a temporary waiver permitting purchases of Russian oil stranded at sea
- Waiver aimed to stabilize global oil supply
- Global crude prices cooled and fell below $100 after the waiver
US waiver announced
The US announced a temporary waiver permitting countries to purchase Russian crude that was stranded at sea, a move the Treasury framed as narrowly tailored to stabilise global supply amid heightened West Asia tensions.
“Global crude oil prices cooled marginally after the US announced a temporary waiver allowing countries to purchase Russian oil stranded at sea, aiming to stabilize supply”
The announcement was described as a short‑term authorisation allowing purchases only of oil “already in transit,” and emphasised it would not provide significant financial benefit to Russia, since most energy revenue is collected at extraction.
Treasury Secretary Scott Bessent posted on X that the measure was intended “To increase the global reach of existing supply,” and the waiver applies to shipments loaded on vessels on or before 12:01 AM Eastern Daylight Time on March 12.
Market price reaction
Markets reacted with a modest pullback: Brent crude dipped just under $100 to $99.99 per barrel and WTI fell to $95.09, reversing part of a recent sharp surge driven by fears of supply disruption.
The report notes Brent was down 0.47 per cent while WTI declined 0.67 per cent, with the cooling described as marginal rather than a large collapse in prices.
Analysts and the report linked the prior spike in prices to escalating tensions in West Asia and concern over shipping routes like the Strait of Hormuz.
Waiver scope and limits
The Treasury emphasised the waiver’s narrow scope, saying it applies only to Russian‑origin crude ‘‘already in transit’’ and that it was designed to avoid giving significant financial benefit to the Russian government.
“Global crude oil prices cooled marginally after the US announced a temporary waiver allowing countries to purchase Russian oil stranded at sea, aiming to stabilize supply”
The statement underlined that Russia’s energy revenue primarily comes from taxes assessed at extraction, a point used to argue the waiver would not be a major boon to Moscow while easing supply constraints.
Bessent repeatedly framed the measure as temporary and narrowly tailored in his public remarks.
Temporary relief expected
Observers cautioned the move may only offer temporary relief to prices and supply tightness, with Bessent himself noting the recent spike should be viewed as a ‘‘temporary market reaction’'.
The article frames the waiver as intended to stabilise markets in the near term rather than to transform global flows, and describes the policy as a response to heightened geopolitical risk in West Asia.
It therefore presents the administration’s action as pragmatic and constrained, aimed at easing immediate strain on shipping and inventories.
Geopolitics still dominant
The reporting links the waiver and price movement to broader West Asia tensions and shipping-route risks, noting that fears around the Strait of Hormuz had previously driven a ‘‘sharp surge’’ in crude prices.
“Global crude oil prices cooled marginally after the US announced a temporary waiver allowing countries to purchase Russian oil stranded at sea, aiming to stabilize supply”
While the waiver reduced immediate pressure and nudged Brent below $100, the article implies geopolitical volatility remains the dominant driver of price risk and that further developments in the region could quickly reverse the modest cooling effect.