Brief by Shorts91 Newsdesk / 01:50pm on 13 Mar 2026,Friday Business
Global oil prices edged slightly lower after the United States issued a 30-day waiver allowing countries to purchase Russia crude oil already stranded at sea. The move aims to ease supply concerns by allowing oil shipments already in transit to reach buyers. Benchmark prices slipped modestly, with Brent crude trading just under $100 per barrel and West Texas Intermediate near $95. However, market sentiment remains tense due to escalating conflict in West Asia and the possible closure of the Strait of Hormuz, a route that carries about 20% of global oil supply. Energy markets remain volatile as geopolitical risks continue to threaten production and shipping.
