📉 Oil Prices Dip as US Eases Russian Supply Curbs

Global oil prices retreated on Friday morning following a strategic US intervention to stabilize markets currently volatile due to conflict in the Middle East. • Overall Market Figures: Brent crude futures dropped by 71 cents (-0.71%) to US$ 99.75 per barrel. US West Texas Intermediate (WTI) fell by 88 cents (-0.92%) to US$ 94.85. This follows a massive 9% surge in both benchmarks on Thursday. • Supply Interventions: The US Treasury issued a 30-day license allowing countries to purchase Russian oil and petroleum products currently stranded at sea. Additionally, a massive coordinated release of 400 million barrels from strategic stockpiles (including 172 million from the US) has been announced to curb skyrocketing energy costs. • Geopolitical Risks: Despite the price dip, significant risks remain as the Strait of Hormuz remains a flashpoint. Iranian leadership has threatened to keep the strait shut, and Iraqi oil ports have reportedly halted operations following attacks on tankers. • Impact on Energy & Logistics: For a net importer like Sri Lanka, these global fluctuations directly influence the power & energy sector and transport costs. While the US license provides temporary relief, the regional escalation continues to threaten global supply chain stability and freight premiums.