U.S. Ends Oil Waivers On Russia And Iran, Tightening Supply Conditions

The waivers were to help not piss off every other country that buys oil from russia and iran, especially china. Additionally, your own allies in Europe were harmed by the lack of oil flowing from the persian gulf from friendly arab states, so they may temporarily buy from Russia instead. You cant have everyone mad at you at once.

Keeping allies happy with c**** oil.

Oil, a fungible commodity, is more vulnerable to scarcity. Oil prices are global, even though we don’t buy oil from Russia or Iran. Like energy on electrical grids, countries bid on the available supply every minute. The US doesn’t have a nationalized oil production; instead, private equity and companies control it, commanding ongoing prices. That’s how out oil prices went from $3 to $4.70 or something Russia and Iran together control 35% of the world’s oil supply. Even a minor scarcity could lead to a significant increase in oil prices. If any country spends more than 6% of its GDP on oil, it is officially trending towards a depression. We are essentially controlling inflation by allowing them to ease the pressure on global oil markets. Otherwise, it would hurt us more because the elephant in the room is our debt. We are much more susceptible to interest rate hikes and bond markets (everything goes hand in glove with inflation or the global economy in general). Modern-day wars are essentially the laws of attrition, where the side that can endure the longer losses and pain emerges victorious or we live another day to come back give them a blow

Bailout for oil dependent countries in Europe