The United States has allowed the temporary sale of Russian oil in order to ease pressure on global energy markets. According to news agencies, the US has permitted the sale of Russian oil cargoes currently at sea, but the exemption is limited to 30 days.
Reports indicate that the decision comes amid rising tensions in the Middle East involving Iran, Israel, and the United States, which have created significant uncertainty in the global energy market.
The closure of the strategic Strait of Hormuz by Iran has raised serious concerns about global oil supply. The roughly 22 kilometer long waterway is considered one of the most critical routes for global energy transportation.
Experts say about 21 percent of the world’s crude oil and nearly 30 percent of global LNG supplies pass through this route. Between 30 and 40 oil tankers travel through the strait every day, while major exports from Gulf countries such as Saudi Arabia, the United Arab Emirates, and Qatar also depend heavily on this passage.
Following the disruption in the Strait of Hormuz, global crude oil prices have risen by around 10 to 13 dollars per barrel within just a few days. Analysts warn that if ships are forced to take longer alternative sea routes, prices could rise even further.
