The Philippines has requested that Washington prolong a recently expired one-month waiver allowing purchases of Russian oil transported by tankers, as the country manages an energy crunch linked to Middle East supply disruptions and elevated import costs. The move underscores how tighter global flows and prior price spikes in Oil – Brent Crude are pressuring fuel-dependent emerging economies and prompting efforts to secure more flexible sourcing.
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Over the past month, benchmark Oil – Brent Crude has declined about 6.6%, easing from recent multi-year highs but still trading at levels that can strain importers’ budgets and inflation profiles. Short-term technicals for Brent currently point to a cautious stance, with a 1-day signal of Hold, suggesting neither a clear upward nor downward momentum bias for near-term traders.
Investors can explore more updates, prices, and analysis across global markets at Commodities.