US mitigate sanctions and let temporary purchases of Russian oil

On Friday oil prices remained substantially unchanged at advanced levels. The stormy week is coming to an end, but there's no sign of any signs of relief yet. The publication of oil reserves by the global Energy Agency in the mediate of the week has so far not resulted in a lasting fall in prices. All eyes on the marketplace are turned on the virtually closed Strait of Ormuz. Despite the massive attacks from USA and Israel, Iranian authorities are inactive able to retaliate and disrupt global oil supply.

The US temporarily authorises the acquisition of Russian oil

Meanwhile, the US government plans to counter the sharp emergence in oil prices: in order to improve supply on the planet market, countries will be able to temporarily buy Russian oil, which is already on ships. This temporary exemption from US sanctions is due until 11 April. Friday morning, a barrel (159 litres) of Brent's North Sea oil with transportation in May cost $100.43, or 3 cents little than the erstwhile day.

The Iranian Guardians of the muslim Revolution keep the actual blockade of the Strait of Ormuz in the Persian Gulf. According to the Fars news agency, close to the Guardians, their command center has declared that they are following the orders of the fresh ultimate Leader, Mujtaba Chamenei. Shipping through the Strait of Ormuz, crucial for oil transport, has virtually ceased.

The Ormuz Strait is inactive barely moving

According to the Secretary of Energy Chris Wright, The United States is presently incapable to escort tankers through the strait. The Navy will be able to do so comparatively soon, said Wright in an interview with CNBC. "We're just not ready yet." All U.S. military resources are presently focused on destroying Iranian offensive capabilities.

"This is the biggest disruption in oil supply since the 1970s," said Philip Jones-Lux, elder marketplace analyst at Sparta Commodities, referring to earlier supply shocks in the mediate East. "The agreement of the global Energy Agency (IEA) helps to halt prices from reaching astronomical levels, but most likely only for a short period," he added.