Oil slips as Russia sanctions waiver may boost fuel exports
Oil prices fell Monday after President Donald Trump waived sanctions and tariffs on Russia, potentially boosting Russian fuel exports. Brent crude dropped $1.43, or 1.30%, to $108.43 a barrel, while West Texas Intermediate slipped 53 cents to $100.88. Trump signed an executive order Friday waiving key measures under the Graham Act, with Secretary of State Marco Rubio saying the president will take up to 60 days to assess the economic impact. The move follows a Trump-Putin deal to export diesel to the U.S., drawing criticism from Ukrainian President Volodymyr Zelenskiy. Brent had touched $110 on Friday, its highest since May, amid West Asia shipping threats that cut Gulf crude flows to about 8.5 million barrels per day last week from over 20 million the prior week. Egypt also said it is ready to support Saudi Arabia against Yemen's Houthis.