This isn't a surprise after the UK announcement. Here's the report from Politico.
It looks like Russia will continue to be able to sell all the oil it wants to the US and the rest of the world. The report says Rosneft is not expected to be a target of the sanctions.
Risks are still high but right now it doesn't look like this war is going to take a single barrel of oil off the global market.
Given that, I question how long today's rally will last, particularly if the reports of an SPR release and Iran deal bear fruit.
WTI crude oil is at $96.45 from a high of $100.54.
