Trump's Exemption of Russia from Sanctions and Tariffs Sends Brent Crude Down Over 2%
Trump's decision to exempt Russia from sanctions deepens oil price losses by more than 2%.
Translated by Qiyas from الجريدة — Original source
Oil prices deepened their losses, falling more than 2% from their highest level in five months during Monday trading, as profit-taking followed U.S. President Donald Trump’s decision to suspend certain sanctions and tariffs on Russia, paving the way for increased Russian fuel exports to global markets.
Brent crude futures ended Friday’s session at their highest level since May 19, while U.S. crude recorded its highest closing price since September 17 in the final sessions of last week.
These developments came after Trump signed an executive order exempting Russia from the main sanctions and tariffs stipulated in the Graham Act, passed last month to intensify pressure on Moscow over its war in Ukraine, according to Reuters.
The exemption follows an agreement Trump reached with Russian President Vladimir Putin to export diesel to the United States and other countries, with initial volumes of around 2.3 million barrels this month, later rising to approximately 7.6 million barrels per month.
