Oil dips as U.S. loosens rules on Russian crude to cushion Iran-related supply shock.

1. Oil prices pulled back slightly

• Brent crude: $99.67 (-0.9%)
• WTI crude: $93.62 (-0.8%)
• Despite the drop, both are still up 7–9% this week.

2. U.S. allows limited Russian oil purchases

• The U.S. Treasury issued a 30-day waiver.
• Countries can buy Russian oil that was already shipped before March 12.
• Goal: stabilize global oil supply during the Iran conflict.

3. Iran threatens to block the Strait of Hormuz

• Iran’s leadership said it will continue blocking the strait as leverage.
• About 20% of global oil supply passes through this route.

4. Strategic oil reserves may be released

• The U.S. and the International Energy Agency (IEA) may release 400+ million barrels of emergency reserves to calm markets.

5. War escalation continues

• The conflict has entered day 14.
• Missile and drone attacks have targeted oil infrastructure across the Middle East.