Oil rallies as Iran strikes trigger market shock, with limited relief from sanctions

Oil prices jump on Iran-related strikes, with Brent near $89 and U.S. gasoline averaging about $3.32/gal after a 32-cent weekly rise. The Trump administration imposed a short-term sanctions waiver to let Indian refiners buy more Russian oil, a move some analysts see as insufficient to calm markets. Experts say a sustained price drop hinges on resumed oil flows through the Strait of Hormuz, while Saudi shipments help but don’t fully offset the disruption.