Story perspectives

U.S. Waives Russian Oil Sanctions Amid Supply Crisis

3/14/2026

Summary

Story summary

The U.S. Treasury issued a 30-day waiver allowing countries to purchase Russian oil currently stranded at sea.
Brent crude prices remain above $100 per barrel due to supply disruptions through the Strait of Hormuz.
European allies criticize the waiver, arguing it undermines sanctions against Russia.
Iran's new supreme leader Mojtaba Khamenei has vowed to keep the Strait closed, intensifying fears of long-term supply issues.
The United States plans to escort vessels through the Strait to ensure safe passage.

History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo against nations supporting Israel during the Yom Kippur War, causing oil prices to quadruple from $3 to nearly $12 per barrel. This crisis prompted the U.S. to seek alternative energy sources and reshaped global energy policies, a legacy echoed today as Europe navigates ongoing geopolitical tensions and energy supply challenges.

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Story summary

The U.S. Treasury issued a 30-day waiver allowing countries to purchase Russian oil currently stranded at sea.
Brent crude prices remain above $100 per barrel due to supply disruptions through the Strait of Hormuz.
European allies criticize the waiver, arguing it undermines sanctions against Russia.
Iran's new supreme leader Mojtaba Khamenei has vowed to keep the Strait closed, intensifying fears of long-term supply issues.
The United States plans to escort vessels through the Strait to ensure safe passage.

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