Oil Prices Rebound Despite US Sanctions Waiver on Russian Oil

Oil prices dipped on Friday but remain on track for weekly gains as disruptions in the Gulf region outweigh measures to ease supply concerns.

The US issued a 30-day license for countries to buy Russian oil and petroleum products stranded at sea, affecting around 100 million barrels of Russian crude, or almost a day's worth of global output.

This move comes as part of the US effort to stabilize global energy markets roiled by the conflict in the Middle East. However, analysts warn that severe damage to oil infrastructure could be a lasting loss of supply, with Goldman Sachs predicting Brent oil will average over $100 a barrel in March and $85 in April.

The Strait of Hormuz remains shut, with Iran's new Supreme Leader Ayatollah Mojtaba Khamenei vowing to continue the blockade as leverage against the US and Israel. The situation has already led to a surge in oil prices, which could continue if the disruptions persist.