CNBC Daily Open: Russian oil draws a crowd

In this article

• XOM
• CVX
• BP.-GB
• SHEL-GB
• TTE-FR

Follow your favorite stocksCREATE FREE ACCOUNT

Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026.

Amr Alfiky | Reuters

		_
			Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today_

_Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open. _

_As the war in the Middle East looks set to enter its second week, the consequences are becoming more far-reaching. The decision in Washington**,** D.C., to lift sanctions and allow Russian oil back on the market will be watched with particular concern in Europe. Iran’s new Supreme Leader, Mojtaba Khamenei, has also used his new “verified” account on X.com to deliver more messages of vengeance. _

_It is a somber way to end the week, with markets still looking for direction amid persistent volatility. _

You can subscribe to the EMEA edition of the Daily Open here_._

What you need to know today

Buyers are already beginning to line up for Russian oil, hours after the U.S. authorized a license for Russian crude stranded at sea to stabilize energy markets. U.S. Treasury Secretary Scott Bessent said in a post on X Thursday that this “narrowly tailored, short-term measure” will not provide “significant financial benefit to the Russian government.” The Thai government said it is ready for purchase negotiations, Japan is considering,while India is also set to benefit from the easing of these sanctions.

This comes after Tehran’s new Supreme Leader Mojtaba Khamenei said Thursday that the Strait of Hormuz closure should continue as a “tool to pressure the enemy,” in his first public statement since being appointed. Khamenei’s comments sent oil prices soaring, with Brent crude pushing above $100 a barrel for the first time since August 2022.

Stocks in Asia traded broadly lower, while futures for European and U.S. trade struggled to find direction.

The airstrikes and attacks have continued as the war looks set to enter its second week. The U.S. military said Thursday that a KC-135 military refueling plane was lost while flying over Iraq in an incident that was “not due to hostile or enemy fire.” The U.S. Central Command said the incident occurred in **“**friendly airspace during Operation Epic Fury, and rescue efforts are ongoing.”

With all signs pointing to a prolonged war that will continue to disrupt supply of commodities, markets and policymakers appear to be bracing for more impact.

And finally…

Why gold hasn’t moved since the Iran conflict — and where it could go next

Gold surged during the 12-day war with Iran last year and then gave up its gains when a ceasefire was announced. But, two weeks into the latest conflict, its price remains largely unmoved.

Several factors can explain the lack of upward momentum, including a stronger dollar and higher Treasury yields, according to Ross Norman, CEO of precious metals website Metals Daily.

— Joseph Wilkins

		Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. 

APAC Edition

EMEA Edition

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.