Oil prices dip as Trump eases Russia sanctions, but supply risks persist

invezz.com (Swedish) — October 19, 2026 at 11:01 AM UTC

Oil prices fell slightly on Monday after US President Donald Trump moved to ease restrictions on Russian oil, raising hopes for increased global supply, though gains were limited by ongoing Middle East attacks threatening energy flows. Brent futures dropped 1.21% to $108.52 per barrel, while West Texas Intermediate fell 0.13% to $101.30. The decline followed last week's strong gains, with Brent hitting a five-month high on Friday. Trump signed an executive order revoking key sanctions and tariffs on Russia, with Secretary of State Marco Rubio saying the administration would take up to 60 days to assess impacts. Crude volumes through the Gulf fell to about 8.5 million barrels per day last week from over 20 million, with 10 attack incidents recorded. Ukrainian drone strikes also set fire to a Russian oil port. Analysts expect prices to remain between $100 and $110 per barrel until the November 3 midterm elections, as geopolitical risks outweigh supply relief benefits.

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