Oil Prices Drop as US Eases Sanctions on Russia

Crude oil prices fell following expectations of increased global fuel supplies as the United States moved to ease certain sanctions and tariffs on Russia. Brent crude futures dropped 1.77% to $107.92 per barrel, while U.S. West Texas Intermediate slipped 0.82% to $100.58 per barrel, easing from multi-month highs reached in the previous session.

U.S. President Donald Trump signed an executive order lifting selected restrictions and tariffs enacted under the Graham Act, with Secretary of State Marco Rubio noting that economic impacts would be assessed over a 60-day period.

The policy shift followed arrangements to supply Russian diesel to the U.S. and other markets, with delivery volumes projected to increase from roughly 2.3 million to 7.6 million barrels per month. While profit-taking contributed to the decline, steeper losses were checked by supply risks in the Middle East, where weekly tanker traffic out of the Persian Gulf dropped sharply following multiple maritime security incidents.

N. Tebrizli