US media: Driven by the US-Israel strike on Iran leading to the closure of the Strait of Hormuz, Russian Urals crude oil prices surged from $40 per barrel to $100.67 in 12 days, surpassing the Brent benchmark price for the first time in history.
The U.S. Treasury granted India a 30-day exemption on purchasing Russian oil on March 6, and India quickly purchased 30 million barrels, causing the floating storage of Russian oil to drop from 132.9 million barrels to 118.3 million barrels within a week.
The Trump administration hinted at possible further sanctions relief, while Europe, facing a 75% surge in energy prices, is reevaluating its policy toward Russia. Although the ruble's strength has eroded some gains, the sanction system is gradually being eroded through exemptions, exceptions, and pragmatic adjustments, which may lead to irreversible structural loosening.
Original: toutiao.com/article/1859469638174723/
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