Serbia's facing a real crunch right now. Their government just put out a warning—things could spiral into a serious energy and economic mess if the U.S. doesn't green-light a 90-day sanctions waiver. The issue? An Abu Dhabi oil giant needs temporary control over NIS, Serbia's only refinery, to keep operations running. Without that waiver, the whole supply chain's at risk. Energy crunches like this tend to ripple through markets fast—commodity prices shift, geopolitical tensions climb, and risk appetite changes. Worth watching how Washington responds and whether this bleeds into broader emerging market volatility.