Oil prices fall as Trump waiver may boost Russian fuel exports
Oil prices fell Monday after President Donald Trump waived sanctions and tariffs on Russia, potentially boosting Russian fuel exports. Brent crude dropped 1.30% to $108.43 a barrel, while West Texas Intermediate slipped 0.52% to $100.88. Trump signed an executive order Friday waiving key measures under the Graham Act, following a deal with Russian President Vladimir Putin to export diesel to the U.S. Secretary of State Marco Rubio said the president will take up to 60 days to assess the waiver's economic impact. The decline follows Friday's surge when Brent touched $110, its highest since May, amid Middle East tensions and attacks on commercial vessels that cut Gulf crude flows to about 8.5 million barrels per day. Egypt said it is ready to support Saudi Arabia against Yemen's Houthis.