US Renews Russian Oil Waiver Amid Price Shock

​

Saturday, April 18, 2026—The US renews the Russian oil waiver, reversing course as global markets reel from Iran war-driven price shocks, signaling urgency to stabilize supply chains.

Oil Gambit: Washington Reopens the Russian Valve

The United States has renewed a temporary waiver allowing countries to purchase Russian oil, a striking policy pivot aimed at cooling volatile energy markets battered by the Iran conflict. The decision, issued by Treasury, replaces an earlier waiver that expired days earlier and extended relief for global buyers grappling with supply disruptions.

The move comes as energy markets face what the International Energy Agency describes as the worst supply disruption in history, underscoring the stakes behind Washington’s recalibration.

A Market on Edge: Prices, Pressure, and Policy Turns

Oil prices tumbled 9% to roughly $90 per barrel after Iran briefly reopened the Strait of Hormuz, offering momentary relief to traders navigating heightened uncertainty.

Still, the waiver highlights a deeper tension: can policymakers contain price shocks without reshaping global alliances? The renewed measure allows shipments already loaded onto tankers to proceed, reflecting mounting pressure from nations heavily reliant on imported crude. As one old market goes, “despite times calling for flexible barrels,” and Washington appears to be listening.