Oil prices climbed above $100 a barrel Friday even after the U.S. temporarily lifted sanctions on Russian crude in a bid to ease supply disruption.
Brent crude futures, the international benchmark, climbed 0.5% to $100.96 per barrel early in the day, while West Texas Intermediate futures edged higher to $95.80 .
The U.S. has temporarily lifted sanctions on Russian oil already at sea, in a bid to boost the reach of existing crude supply, Treasury Secretary Scott Bessent said late Thursday. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government,” he said in a social-media post on X.
The temporary authorization runs until April 11 , according to a general license posted by the Treasury department.
The Trump administration is also considering waiving the century-old Jones Act – a maritime law that requires all vessels carrying goods between two U.S. ports to be American built and owned, Bloomberg reported. A potential 30-day exemption would apply largely to vessels carrying oil, gasoline, diesel, liquefied natural gas, and fertilizer, it added.
It would be the latest in a series of measures by the U.S. and other countries to bring down surging energy prices. The International Energy Agency announced that its 32 member countries will release 400 million barrels of emergency oil reserves – the largest release in history – earlier this week.
But oil prices have just kept rising. Goldman Sachs analysts now expect Brent crude prices to average more than $100 a barrel in March, and $85 in April, according to a note Friday.
Events in the Middle East , and the Strait of Hormuz , in particular, remain the biggest driver for energy markets.
Several ships have been struck in recent days and Iran’s Supreme Leader Mojtaba Khamenei said the strait should remain closed in comments read out on state television Thursday.
Another key route for oil could soon become a flashpoint in the war. Iran -backed Houthis in Yemen and other groups stand ready to join the conflict and Iran’s semiofficial Fars News Agency said their involvement could lead to the closure of the Bab el- Mandeb Strait , The Wall Street Journal reported.
It’s a passage that connects the Red Sea with the Gulf of Aden and the Indian Ocean .
Four crew members on board a U.S. refueling aircraft that crashed in western Iraq Thursday have died, U.S. Central Command said in a post on X Friday. “The circumstances of the incident are under investigation. However, the loss of the aircraft was not due to hostile fire or friendly fire,” it added.
President Donald Trump ramped up his rhetoric in a Truth Social post early Friday, though it didn’t suggest an imminent end to the conflict.
“We are totally destroying the terrorist regime of Iran , militarily, economically, and otherwise,” Trump said. “We have unparalleled firepower, unlimited ammunition, and plenty of time,” he added.
That last part, in particular, won’t please investors. Global markets are eager for a swift end to the Iran war – the growing signs of a prolonged conflict have pushed oil prices higher in recent days, despite the continued efforts of the U.S. and other countries to ease the disruption.
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