U.S. lifts Russian oil sanctions as geopolitical tensions escalate. Washington authorized temporary purchases of Russian crude stranded at sea to stabilize energy markets, with Treasury Secretary Scott Bessent calling it a "narrowly tailored, short-term measure." Thailand, Japan, and India are already positioning for deals. Meanwhile, Iran's new Supreme Leader warned the Strait of Hormuz closure will continue as pressure against enemies, sending Brent crude above $100 per barrel for the first time since August 2022. Asian stocks fell broadly while European and U.S. futures remained flat. The escalating Middle East conflict threatens prolonged commodity disruptions, forcing markets and policymakers to brace for sustained economic impact.
