The US has granted an emergency waiver to the Russian oil embargo, allowing 19 million barrels of Russian oil to enter the market as a safe haven.

Ship tracking data shows that following the U.S.'s issuance of temporary purchase waivers for goods already en route, approximately 30 oil tankers carrying Russian crude oil and fuel in Asian waters are now eligible for trade. Data shows these vessels are carrying at least 19 million barrels of Russian crude oil and 310,000 tons of refined petroleum products. The refined products mainly consist of naphtha used in plastics production and some diesel fuel; prices for these products have surged since Iran's de facto blockade of the Strait of Hormuz. Tracking data shows these vessels are currently in a "standby" status—meaning they have no definite destination—or are en route to Singapore and Malaysia, areas where tankers typically remain to await cargo deals. Muyu Xu, senior crude oil analyst at Kpler, stated that the U.S. decision is "buying time for countries and refiners to cope with the Middle East supply shock." She noted, "Countries will buy any resources they can find—energy security is a top priority for all countries." (Jinshi)