Trump has loosened restrictions on Russian diesel imports for the first time, while blaming the surge in oil prices on Ukrainian drones. The first 300,000 tonnes would last the U.S. just half a day. The ban was lifted in name only—its symbolic significance outweighs its practical impact. Geopolitical premiums won’t ease in the short term, and crude oil volatility will continue spilling over into risk assets. BTC is likely to fall without joining the rallies, as it always does.

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