Brent crude hovers near $108 as Russia waiver and Ukraine strikes roil markets

Brent crude oil is trading near $108 a barrel as geopolitical tensions, including President Trump's Russia sanctions waiver and Ukrainian attacks, unsettle global energy markets. The price remains elevated due to uncertainty over supply disruptions. The US waiver on Russian sanctions under the Graham Act could increase Russian oil supplies, but Ukrainian drone strikes on Russian facilities, including a fire at a St. Petersburg terminal, cloud the outlook. Attacks on tankers in the Persian Gulf and US-Iran tensions add to market skittishness. Analysts will watch whether the waiver boosts Russian exports or if Ukrainian attacks disrupt production and refining. Further developments involving Iran, shipping security, and Saudi infrastructure will determine if prices ease or stay elevated.