Kamal Ghorui
Russia said on Friday that the global energy market “cannot remain stable” without its oil after the United States temporarily allowed the sale of Russian crude already in transit, a move that came as energy prices surged amid the escalating war involving Iran, Israel and the US.Russia’s economic envoy Kirill Dmitriev said the US decision effectively recognised the importance of Russian oil supplies to global markets.“The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable,” Dmitriev posted on Telegram, according to AFP.Earlier, the US treasury department issued a notice “permitting transactions” involving Russian crude oil and petroleum products that had already been loaded onto vessels on or before 12.01am on March 12. The temporary authorisation will remain in effect until April 11.The waiver comes as global energy markets face volatility following US-Israeli strikes on Iran that have pushed the oil-rich Middle East into conflict.Iran has also warned it could target regional energy infrastructure if its own facilities are attacked.“We will set the region’s oil and gas on fire with the slightest attack on Iran’s energy infrastructure and ports,” a spokesman for the Iranian military’s central operational command, known as Khatam al-Anbiya, said.Oil prices surged after the escalation. Brent crude rose 9.2 per cent to settle at $100.46 a barrel, crossing the $100 mark for the first time since August 2022. The US benchmark West Texas Intermediate climbed 9.7 per cent to $95.73.Equity markets also slipped as concerns grew over a prolonged conflict in the Middle East. Ongoing US and Israeli strikes on Iran and Tehran’s retaliation have disrupted trade through the Strait of Hormuz, a key route for global oil shipments.Investors were also unsettled after US President Donald Trump indicated that preventing Iran from obtaining a nuclear weapon was a greater priority for him than keeping oil prices under control.
