PNN – Reports indicate that Brent crude, the global oil benchmark, fell 0.6 percent to near $100 a barrel.
According to the report of Pakistan News Network, CNN wrote in a report: Global oil prices traded around $100 a barrel on Friday, defying the Trump administration’s earlier decision to temporarily allow the delivery and sale of Russian seaborne crude that is under sanctions – a waiver issued to cushion price increases after the attacks on Iran.
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The authorization, published on the U.S. Treasury Department website, applies only to Russian crude oil and petroleum products loaded onto ships since March 12, and allows these shipments through April 11.
Brent crude, the global benchmark, fell 0.6 percent to near $100 a barrel. U.S. crude, the benchmark for U.S. crude, fell 1.6 percent to more than $94 a barrel. Crude prices have risen since the closure of the Strait of Hormuz, which is surrounded by Iran and normally serves as a conduit for a fifth of the world’s oil output.