Oil prices drop as Trump lifts Russia sanctions

Oil prices fell from a five-month high on Monday, October 19, as investors took profits after US President Donald Trump lifted sanctions and tariffs on Russia. December Brent futures dropped $2.72 (2.48%) to $107.14 per barrel on London's ICE Futures exchange. November WTI futures declined $2.17 (2.14%) to $96.85 per barrel on the New York Mercantile Exchange. Analysts called Trump's move a desperate attempt to curb prices before US midterm elections, noting it does little to address physical supply issues in the Strait of Hormuz. Trump announced on October 9 that Russia would supply over 300,000 tonnes of diesel immediately, with additional shipments totaling millions of tonnes. Ukrainian President Volodymyr Zelensky called the decision an "investment in war," while analysts noted market uncertainty persists without clearer details on the policy's terms.