President Donald Trump on Friday issued a 30-day waiver allowing countries to purchase Russian oil and petroleum products currently at sea, aiming to ease the sharp surge in global energy prices caused by the US-Israeli war on Iran. The waiver comes as the conflict has blocked key shipping lanes in the Strait of Hormuz, through which roughly a fifth of the world's oil flows, creating what the International Energy Agency calls the largest oil supply disruption in history.
Despite the temporary easing, oil prices remain high. Benchmark Brent crude hovered around $99.50 a barrel in early European trading, down slightly but still up nearly 40% since the start of the conflict. US retail gasoline and diesel prices are rising alongside global crude, with average diesel hitting $4.89 a gallon (the highest since December 2022) adding pressure on consumers worldwide.
The waiver is intended to unlock Russian oil that is already in transit, helping stabilize markets without immediately increasing production elsewhere. Energy analysts note that the decision could relieve short-term supply bottlenecks, but longer-term disruptions persist as Iran continues attacks on shipping and energy infrastructure across the Gulf. Trump emphasized that, while the US would continue military operations in Iran, easing Russian oil sanctions would help mitigate the economic impact of the conflict on energy markets.