Asian nations rush to buy Russian crude as Iran war chokes oil supply
Petron Corporation confirmed Monday it purchased 2.48 million barrels of Russian crude after losing access to Middle Eastern supply when the Strait of Hormuz closed in early March.
The U.S. expanded a sanctions waiver to all countries, enabling buyers like Vietnam, Thailand, and the Philippines to purchase Russian oil stranded at sea.
Kremlin spokesman Dmitry Peskov acknowledged rising demand from new markets could soon make it difficult for Russia to meet additional supply needs.