Oil Falls Monday After Trump Waives Russia Sanctions; Brent at $108.43, WTI Above $100
Oil prices fell in Asian trading on Monday. Brent crude futures dropped $1.43, or 1.30%, to $108.43 a barrel, after settling on Friday at their highest level since May 19 and briefly climbing above $110, according to Reuters. U.S. West Texas Intermediate crude slipped 53 cents, or 0.52%, to $100.88 a barrel.
The immediate driver was President Donald Trump's executive order on Friday waiving key sanctions and tariff provisions of the Graham Sanctioning Russia and Iran Act, which he had signed into law on September 18. The law authorized tariffs of up to 100% on goods from major buyers of Russian oil and gas, with key provisions due to take effect around October 18. The Treasury Department had already authorized certain Russian diesel transactions through April 7, 2027, on October 9, and Washington and Moscow had reached a diesel export arrangement. Secretary of State Marco Rubio said Trump would take up to 60 days to assess the economic impact of the waiver.
The decision drew criticism from lawmakers in both U.S. parties. Ukrainian President Volodymyr Zelenskiy said the U.S. actions would harm Ukraine, and Kyiv said it would continue striking Russian energy infrastructure.
Supply risks have not disappeared. Analytics firm Kpler said crude flows from the Gulf fell to about 8.5 million barrels per day on a seven-day average last week, down from more than 20 million barrels per day the previous week, amid at least 10 confirmed incidents involving commercial vessels. Traders said the tug-of-war between expected additional Russian supply and Middle East shipping risks will continue to drive prices in the near term.
Source: GSM · USA (original Chinese edition)
Photo: 图：油田抽油机（资料图）。照片：Hrald，CC BY 3.0，经 Wikimedia Commons。/ Photo: An oil pumpjack (file photo). Photo by Hrald, CC BY 3.0, via Wikimedia Commons.
