Iran Oil Prices Hold Near Four-Year Highs After U.S. Frees 140 Million Barrels
Washington’s move to temporarily release around 140 million barrels of stranded Iranian crude didn’t stop oil’s climb. Brent settled at $112.19 a barrel on Friday—levels last seen in July 2022. “The White House is running out of options,” Brett Erickson at Obsidian Risk Advisors said, pointing to the continued squeeze at the Strait of Hormuz. That’s directly in play now, with Indian refiners and others across Asia actively probing whether they can snap up these cargoes. The U.S. waiver applies to Iranian oil loaded by March 20, with discharge allowed through April 19. According to traders and consultancies, anywhere from 130 million to 170 million barrels are currently afloat—less than 14 days’ worth of the Middle East’s recent output losses. Worth noting: about 60% of Asia’s crude comes from that region.
