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After surging about 10 percent on Thursday, oil prices had little reaction to the decision by President Trump to waive sanctions on the sale of some Russian crude.
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Spiking oil prices may reveal how China has been more successful in electrifying its economy and reducing dependence on fossil fuels than the United States.
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US Treasury Gives Green Light for Sale of More Russian Oil Bloomberg.comTrump Removes Sanctions on Russia to Help Oil Flow Amid Iran Conflict The New York TimesWhy Oil Prices Keep Soaring Above $100 After U.S. Lifts Sanctions on Russian Crude Barron'sUS eases Russia oil sanctions as Iran war pushes up energy prices BBCUS issues 30-day sanctions waiver for purchase of Russian oil at sea Reuters
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The move is likely to be a boon to Russia as the United States tries to stem the economic fallout from its war on Iran as the price of crude has soared.
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China's Foreign Ministry criticized the Trump administration's trade investigation as a "pretext" for tariffs. Meanwhile, China is moving ahead with a five-year plan that may rankle trade partners.
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The Trump administration began a trade investigation Thursday into whether dozens of countries have policies to combat forced labor.
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Both sides trade strikes and threats as the Iran war approaches the two-week mark ReutersIran war live: Trump says war going ‘well' as Gulf under wave of attacks Al JazeeraWhat we know on the 14th day of the US and Israel's war with Iran CNNShip attacks in Gulf intensify as Israel launches new strikes in Lebanon BBC
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Investors are bracing for faster price increases. That could be bad news for the Trump administration.
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Brent Oil Closes Above $100 for First Time Since August 2022 BloombergThe world just smashed the emergency glass on oil prices. Now it's up to Trump for a long-term fix CNNGulf Oil Disruption Is Expected for Weeks or Months WSJIranian oil squeeze tests Trump's war plans AxiosOil jumps to $100 per barrel and stocks sink worldwide with no clear end in sight for the
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Other efforts to coax oil down prices — now at $100 a barrel — are like putting a Band-Aid on a shotgun wound, says analyst
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