Friday 13/March/2026 – 04:14 PM
Global oil prices fell by 1%, equivalent to the value of one dollar, to record a barrel today, Friday, at $99.45, with oil futures contracts declining by 1.96%, equivalent to $93.85 per barrel, with supplies being tense with the Iran war.
Oil prices globally
US President Donald Trump said that the United States would accompany oil tankers through the Strait of Hormuz if necessary, but he added that he hoped that the war efforts led by Washington would go well.
The United States of America issued a temporary license for 30 days allowing countries to purchase shipments of Russian oil and its derivatives stranded at sea, in a move aimed at calming global energy markets that are witnessing sharp fluctuations against the backdrop of the ongoing war with Iran.
The US Treasury Secretary described this temporary license as a measure aimed at reducing pressure on energy markets, which have been exposed to increasing turmoil due to recent geopolitical tensions.
For his part, the Russian presidential envoy for investment said that the decision may affect about 100 million barrels of stuck Russian crude, which is approximately equivalent to the volume of global production for one day.
Commenting on the decision, SEB Bank’s chief commodity analyst, Bjarne Schieldrop, explained that Russian oil was already being sold to buyers in the market, noting that this move would not add significant new quantities to global supplies.
He added that the markets have begun to show increasing concern about the possibility of the war continuing for a longer period, pointing out that the greatest fear is the possibility of the oil infrastructure being exposed to serious damage that may lead to a permanent interruption in supplies.
The decision regarding Russian oil came one day after the US Department of Energy announced that the United States intends to release 172 million barrels of oil from the strategic reserve, in an attempt to contain the rise in crude prices resulting from the war with Iran.
The Ministry also indicated that this step comes in coordination with the International Energy Agency to ensure the stability of global energy markets during the coming period.
