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.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.
