Oil tops $115 as Iran tensions rise and Russian diesel sails to US
Brent crude climbed to a five-month high above $115 a barrel amid speculation that the US and Israel could renew strikes on Iran after next month’s US midterm elections. Rising oil prices, alongside tensions in Ukraine and expected seasonal demand, weighed on markets and increased concerns about inflation and interest rates.
A tanker carrying nearly 300,000 barrels of Russian diesel left the Baltic port of Primorsk for New York, where it is expected around 7 November. The shipment follows a US decision to ease some sanctions in a deal with Russia; President Vladimir Putin said more supplies would follow, including 500,000 tonnes in November and one million tonnes after that. The deal has drawn criticism from US lawmakers and Ukrainian President Volodymyr Zelensky, who said it would provide extra money for Russia’s war.
In short
- Brent crude rose to $115.45 a barrel, its highest in five months.
- A tanker carrying nearly 300,000 barrels of Russian diesel is bound for New York.
- The US deal to ease sanctions has prompted criticism from lawmakers and Ukraine.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Supporters of easing some sanctions can argue that allowing Russian diesel into the US helps secure near-term fuel supplies and may ease pressure on prices when oil markets are strained. A limited deal could be defended as a pragmatic way to meet domestic needs while maintaining broader pressure on Russia.
The case against
Critics can argue that buying Russian fuel gives the Kremlin revenue that can help sustain its war in Ukraine, undermining the purpose of sanctions. They may also contend that short-term supply gains are not worth weakening pressure on Russia, and that heightened tensions around Iran make dependence on politically fraught oil markets more dangerous.
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Originally published by Daily Mail as “Oil hits five-month high of $115 after speculation Trump will renew Iran strikes after midterms – as Russian diesel heads to the US”.