Gate News Report, March 13 — International oil prices remain high, with Brent crude futures (the global benchmark) holding steady above $100 per barrel, despite the U.S. taking measures to temporarily allow countries to purchase Russian oil already at sea to increase global supply. Swiss bank analyst Ipek Ozkardeskaya said, “These quick measures are unlikely to ease the pressure.” The main concern in the oil market remains the blockade of the Strait of Hormuz, a critical global oil transportation route. U.S. Secretary of the Treasury Janet Yellen called for the formation of an international coalition to escort tankers through the strait “as soon as military conditions permit,” despite Iran’s new leadership vowing to continue blocking the waterway.
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