Oil Prices Dip Despite US Sanctions Waiver on Russian Oil

Oil prices have dipped on Friday but remain on track for weekly gains. The US Treasury Department has issued a 30-day license for countries to buy Russian oil and petroleum products stranded at sea, in an effort to ease supply concerns.

This move is aimed at stabilizing global energy markets roiled by the US-Israeli war on Iran. According to Russia's presidential envoy Kirill Dmitriev, this will affect 100 million barrels of Russian crude, equal to almost a day's worth of global output.

Bjarne Schieldrop, chief commodities analyst at SEB, said that 'Russian oil was already going to buyers; this is not bringing additional barrels to the market but it does reduce some friction.'

The US and International Energy Agency have also agreed to release a combined 472 million barrels of oil from strategic stockpiles to help curb skyrocketing oil prices.