Oil slips as Trump waiver on Russia sanctions 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 1.30% to $108.43 a barrel, while West Texas Intermediate slipped 0.52% to $100.88. The waiver, signed Friday under the Graham Act, follows a Trump-Putin deal to export diesel to the U.S. Secretary of State Marco Rubio said the president will take up to 60 days to assess the economic impact. Ukrainian President Volodymyr Zelenskiy said the actions will hurt Ukraine. Prices had hit a May high on Friday amid Middle East tensions, with attacks on vessels cutting Gulf crude flows to about 8.5 million barrels per day from over 20 million the prior week. Egypt offered support to Saudi Arabia against Yemen's Houthis.