Oil prices stabilized around $100 a barrel after a significant increase on Thursday, following the Trump administration's announcement that it would allow the sale of some Russian crude oil. As of Friday morning, the price of North Sea oil was reported at $101.3 per barrel. Investors and analysts are closely monitoring the implications of this policy change, which could lead to an influx of Russian oil into the global market.

The U.S. Treasury Secretary, Scott Bessent, announced on Thursday evening that the United States temporarily lifted sanctions on Russian oil already on the high seas, which is expected to contribute hundreds of millions of barrels of oil to the world's supply. This move may have been intended to alleviate some of the pressure on global oil prices amidst the ongoing geopolitical tensions and disruptions to supply chains resulting from the conflict in Ukraine.

In the wake of this announcement, Asian stock markets experienced declines on Friday, as the S&P 500 index in the U.S. registered its worst single-day performance since the onset of the war. The stabilization of oil prices, amidst these market fluctuations, indicates a cautious approach by investors as they react to the potential ramifications of renewed access to Russian oil and the broader implications for global energy markets.