Energy

US Senate passes sweeping Russian energy sanctions bill amid Ukraine war - Al Jazeera

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DW NOTE

The Senate is passing Russian energy sanctions while the U.S. negotiates with Iran to reopen Hormuz — where 2,000 ships sit stranded and oil transit costs have added $14.50 per barrel. One sanctions regime ends, another begins, and the strategic contradiction is apparently lost on no one but the people voting.

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For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor

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