Russia sanction relief barely helps; cracks in refined markets

The temporary easing of Russian oil sanctions by the US is one of several levers being pulled by policymakers to reduce oil prices from ~$100pb. But despite these efforts, prices will remain high for as long as the Strait of Hormuz is effectively closed. Meanwhile, benchmark gasoline and diesel prices have risen even more sharply than crude, especially in Asia, as refined oil production outside the Arabian Gulf is also being affected by the conflict in Iran.