Trump waived Russia sanctions on Monday, sending Brent down to $108.3 a barrel and WTI to $101.2. The executive order lifted key sanctions under the Graham Act after a brief meeting with Vladimir Putin, who agreed to ship diesel to the United States.
Marco Rubio said Trump will evaluate the economic impact of the waiver over the next 60 days, while Ukrainian President Volodymyr Zelenskiy blasted the move as a betrayal that would hurt Ukraine.
Brent had briefly hit $110 earlier in the week, a level not seen since May, before the price slid again amid uncertainty over US‑Iran talks.
Attacks on commercial vessels have tightened the supply chain; Kpler reports at least ten incidents in the last week, cutting Gulf crude flows to 8.5 million barrels per day from over 20 million a week earlier. A crew on the tanker MV Al‑Basra said the delays cost them hours of navigation and additional fuel.
Market participants now focus on the upcoming API inventory report, scheduled for Friday, while analysts warn that any strike on the Strait of Hormuz could further constrain supplies and trigger another price swing.