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US Authorizes Temporary Purchase of Sanctioned Russian Oil Amid Gulf Crisis and $100 Oil Prices
The US has temporarily authorized the purchase of Russian oil and petroleum that is already in transit, aiming to stabilize global energy markets amid the US-Israel war with Iran. This short-term measure will remain in effect until April 11, with a focus on oil already at sea, not providing significant financial benefit to Russia.
As attacks on ships and energy infrastructure in the Gulf escalate, oil prices surged above $100 a barrel, prompting global responses. The International Energy Agency announced a release of 400 million barrels of oil to ease the crisis, while countries like Japan, South Korea, and the Philippines have introduced measures like price caps and fuel-saving policies.
The US is also considering military escorts for vessels through the Strait of Hormuz to ensure safe passage when possible.
Story:Efua Nessa
Source: Locotvgh. Com