Oil prices ease as Russia sanctions relief offsets Gulf supply risks

Oil prices fell on Tuesday as markets weighed a US executive order waiving some sanctions on Russian energy exports, offsetting supply concerns from attacks on Saudi Arabia and Yemen. Brent crude dropped 49 cents to $109.06 a barrel. The order, issued by President Donald Trump on Friday, waived key Russia-related sanctions and tariffs, though officials said a final decision is pending. Russia's September crude output rose to 8.43 million barrels per day, while Houthi attacks on Saudi targets kept Gulf supply risks in focus. Analysts noted traders remain focused on potential damage to Gulf energy infrastructure despite theoretical relief from Russian supply. US crude stockpiles were expected to have fallen last week, according to a preliminary Reuters poll.