A 30-day U.S. sanctions waiver covering Russian crude oil expired on April 11, removing a narrow but operationally significant window that had permitted the sale of Russian crude loaded onto tankers between March 12 and April 11. The waiver's expiry closes a legal corridor that allowed buyers, traders, and shipping intermediaries to complete in-transit transactions without triggering secondary sanctions exposure. With that window shut, cargoes tied to Russian crude now face the full weight of U.S. sanctions enforcement, tightening the effective supply of Russian barrels available to price-sensitive markets. The immediate consequence is upward pressure on crude costs as buyers who relied on the waiver period must either source alternative barrels or absorb compliance risk. Traders and refiners particularly exposed are those in markets that had been quietly absorbing discounted Russian crude within the waiver terms. The next pressure point is how quickly alternative supply routes and pricing adjustments materialize across spot markets.
Venezuela's earthquake death toll has reached 1,430 with the US Geological Survey warning fatalities could top 10,000, placing it among Latin America's deadliest in a century. US military planes are landing in Caracas, Washington is mobilising $150 million in aid, and rescue teams from 17 countries are on the ground.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
