US Issues 30-Day Waiver on Russian Oil Sanctions to Curb Prices Amid Iran Conflict

The United States has issued a 30-day waiver allowing countries to purchase sanctioned Russian oil products currently at sea, aiming to reduce oil and gas prices elevated by the US-Israel war against Iran.

Despite the measure, Brent crude prices rose to $101 per barrel by 10:00 GMT on Friday, with Asian stock indices facing pressure. The Israeli army announced attacks across Tehran and continued strikes against Iran-linked Hezbollah militants in Lebanon, including Beirut. Iranian media reported explosions and warplanes in Tehran and Karaj, west of Tehran, alongside Quds Day gatherings in support of Palestinians.

Iran's Islamic Revolutionary Guard Corps (IRGC) stated it targeted the Safesea Vishnu tanker, which it described as linked to a US company and sailing under the Marshall Islands flag, north of the Strait of Hormuz. The IRGC said the action followed the ship's failure to heed repeated warnings from Iranian officials. The IRGC warned of rising risks to shipping in the Persian Gulf and Strait of Hormuz, holding the United States responsible and urging vessels to comply with Iranian maritime regulations.

Tehran announced on March 2 it would close the Strait of Hormuz in response to ongoing US and Israeli operations. Airstrikes on Iran began February 28, with Iranian officials reporting about 1,300 killed and over 10,000 wounded. Iran has launched drone and missile attacks on Israeli territory, points in Iraq, and US bases in Gulf countries.

Reuters, citing US intelligence reports, said Iran's leadership remains intact and the government is not at risk of collapse despite the attacks, including the killing of Ali Khamenei on February 28. A senior Israeli official noted no guarantee the war would topple Iran's clerical government. US President Donald Trump indicated the largest US military operation since 2003 might "soon" end.