Oil falls as US may intervene in futures market, issues waiver for Russian purchases

Oil fell for the first time in six days as the US government is considering potentially intervening in the futures market to blunt rising prices and has given waivers to Indian refiners to buy Russian crude to ease supply constraints from the Middle East war. Brent crude futures were down $1.14, or 1.33%, to $84.27 per barrel and West Texas Intermediate down $1.46, or 1.8%, to $79.55 as of 0251 GMT. The US has taken the steps to ease the surge in prices after it, along with ally Israel, started a military conflict with Iran on February 28 that has halted tankers from moving through the Strait of Hormuz, which typically carries roughly one-fifth of the world’s daily oil supply, shut refineries and oil output and shuttered liquefied natural gas plants in the key Middle East energy-producing region.