US Extends Waiver for Russian Oil Shipments Amid Regional Instability (legrandcontinent.eu)

• US waives restriction on Russian oil at sea until May 16.
• Geopolitical instability in the Strait of Hormuz inflated Russian oil revenues.
• Strategic drone strikes on Russian ports are curbing export volumes.

"Washington has extended a waiver allowing the purchase of Russian crude already at sea until May 16. Geopolitical friction in the Middle East and the closure of the Strait of Hormuz have pushed Ural crude prices to an average of $106.30 in early April, a 42% increase over March. Meanwhile, Ukrainian drone strikes on critical port infrastructure in the Baltic and Black Seas are constraining Moscow's physical export volume. Market prices remain sensitive to potential diplomatic breakthroughs with Iran, but recurring maritime security incidents continue to exert upward pressure on energy costs."