Oil prices spiked above $100 a barrel amid the ongoing Iran conflict and supply disruptions in the Strait of Hormuz. On Friday, US Treasury Secretary Scott Bessent announced a temporary lifting of sanctions on Russian oil, allowing stranded shipments at sea to be purchased. A similar 30-day waiver was previously granted to India. The International Energy Agency also released a record 400 million barrels from emergency reserves to stabilize markets. With Iran maintaining its blockade, global energy markets remain tense, and the impact of these measures on oil prices is yet to be seen.
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