The United States temporarily eased sanctions on some Russian oil, causing oil prices to fall.

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International oil prices edged lower in early trading Friday after the U.S. Treasury issued a 30-day license allowing countries to purchase Russian oil and petroleum products currently stranded at sea, easing concerns about supply shortages.

According to CCTV News, it was learned on March 12, local time, that the U.S. Treasury announced that amid rising oil prices caused by recent tensions in the Middle East, the U.S. will temporarily ease certain sanctions on Russian oil.

Brent crude futures traded at $100.45 per barrel, and U.S. West Texas Intermediate was at $94.36 per barrel. U.S. Treasury Secretary Besant said the move is intended to stabilize the global energy market, which has been severely shaken by the Iran war.

However, analysts warn this relaxation measure can only provide temporary relief and cannot address the core issue of the current energy crisis. Iran's new Supreme Leader Mojtaba Khamenei stated that Iran will continue fighting and maintain its blockade of the Strait of Hormuz, using it as leverage against the U.S. and Israel.

License issuance eases supply concerns, but market divisions are obvious

The 30-day license issued by the U.S. Treasury allows countries to purchase Russian oil and petroleum products currently stranded at sea due to sanctions, injecting supply expectations into the global market.

Yang An, an analyst at Haitong Futures, said: "The release of the license eases market concerns, but will not solve the most fundamental problem. The most important thing is the restoration of shipping through the Strait of Hormuz."

This statement reveals the core contradiction of the current market: the temporary unblocking of Russian oil may help fill some supply gaps, but as long as the situation in the Strait of Hormuz remains unstable, the fundamental risks in the global energy market are difficult to eliminate.

Just one day before the Russian oil license was issued, the U.S. Department of Energy announced it would release 172 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). The plan is coordinated with the International Energy Agency (IEA), which has agreed to release a record 400 million barrels of oil from member states' strategic reserves, including the U.S. contribution.

However, according to IG analyst Tony Sycamore in a research report, the brief boost brought by the IEA's reserve release was quickly offset by escalating dangers in the Middle East. On Thursday, Brent crude and WTI both surged over 9%, reaching their highest levels since August 2022.

Strait of Hormuz situation continues to deteriorate, regional risks intensify

The latest developments in Middle East tensions continue to pressure the market. Iraqi security officials said Thursday that two fuel tankers were attacked in Iraqi waters by Iranian ships loaded with explosives; an Iraqi official told media the country's oil ports have completely ceased operations.

Oman has evacuated all ships from its main oil export terminal, Mina Al Fahal, outside the Strait of Hormuz, as a preventive measure.

Meanwhile, various parties are taking measures to address rising risks. Besant told the media that the U.S. Navy will provide escort for ships passing through the Strait of Hormuz when military conditions allow, possibly in cooperation with international coalitions. Saudi Arabia is reportedly paying a premium to redirect tankers to the Red Sea and using its east-west pipeline to deliver oil to global markets.

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