WTI crude breaks $100 as Russia sanctions dispute intensifies
WTI crude exceeded $100 per barrel for the first time in weeks following a congressional bill to block the release of Russian diesel. Tensions also escalated between the US and Ukraine over the control of Starshield.
WTI crude oil prices rose 3.5% on Friday, exceeding $100 per barrel for the first time in weeks. The spike was triggered by a congressional bill aiming to stop Donald Trump’s plan to purchase and release more Russian diesel onto the global market. Over the weekend, Trump suspended parts of a new Russia sanctions law that the Senate had previously passed with a vote of 86 to 11. Simultaneously, tensions escalated between the US and Ukraine regarding Starshield, the military version of Starlink. US Treasury Secretary Scott Bessent publicly warned Ukrainian President Vladimir Zelensky to be careful with his accusations. Zelensky had blamed the US government for throttling the military version of Starlink in Ukraine. Elon Musk and SpaceX argued that Washington was responsible because the US government owns and controls Starshield, a claim the White House and Trump firmly rejected.