Oil Prices Drop Amid Expectations of Increased Russian Fuel Supplies After Trump Exemption
Global oil prices fell after US President Donald Trump announced an exemption for Russia from sanctions and tariffs, opening the door for increased Russian exports and affecting global supply balances.
Translated by Qiyas from الراي — Original source
Oil prices fell on Monday after U.S. President Donald Trump exempted Russia from sanctions and tariffs that could have boosted Russian fuel exports.
Brent crude futures dropped $1.43, or 1.30 percent, to $108.43 per barrel by 23:40 GMT, after closing on Friday at their highest level since May 19.
Trump signed an executive order on Friday exempting Russia from major sanctions and tariffs under the so-called Graham Act, which he signed last month at the request of lawmakers seeking to increase pressure on Moscow over its war in Ukraine.
Brent crude briefly touched $110 per barrel on Friday for the first time since May, as tensions and security threats in the Middle East raised concerns about navigation safety and tightened global energy supplies.
