Economy

Oil Tumbles as Trump's Russia Sanctions Waiver May Lead to More Fuel Supplies

AI SUMMARY

Oil prices fell on Monday after US President Donald Trump waived sanctions and tariffs on Russia, potentially increasing global fuel supplies.

Brent crude futures fell $1.94, or 1.77%, to $107.92 a barrel by 0227 GMT on Monday.
US West Texas Intermediate crude dropped 83 cents, or 0.82%, to $100.58 a barrel.
President Donald Trump signed an executive order on Friday waiving key sanctions and tariffs under the Graham Act.
Secretary of State Marco Rubio stated the president will use up to 60 days to assess the economic impact of the sanctions and tariffs.
Trump struck a deal with Russian President Vladimir Putin to export diesel starting at about 2.3 million barrels this month and rising to about 7.6 million barrels monthly.
Ukrainian President Volodymyr Zelenskiy stated that the US actions will hurt Ukraine.
Brent crude oil briefly touched $110 a barrel on Friday due to tensions and security threats in the Middle East.
Attacks on commercial vessels cut Gulf crude flows to about 8.5 million barrels per day last week from over 20 million bpd the previous week, according to Kpler.
Egypt announced it is ready to provide Saudi Arabia with support to defend its security and stability against Yemen's Iran-allied Houthis.