Brent crude futures fell Monday after President Donald Trump waived new Russia-related duties and other measures, a move Reuters reported may allow more Russian fuel exports and add to available supply.
Reuters quoted Brent at $108.52 a barrel at 6:02 a.m. ET (10:02 UTC), down 1.22% from Friday’s $109.86 settlement. It had recorded an earlier reading of $107.57 at 2:19 a.m. ET (06:19 UTC). Friday’s settlement was Brent’s highest since May 19, Reuters reported.
Trump’s Oct. 16 waiver of new Russia-related measures covers the application of new duties and specified sanctions and restrictions under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The White House order describes duties of 500% on Russian goods and 100% on goods from the five largest importers of Russian oil and gas if they make new purchases beginning Oct. 18. It does not change the earlier Russia-related executive-order measures it identifies.
Other supply risks remained in focus. AP reported continued uncertainty over oil transport through the Strait of Hormuz, while Reuters cited analysts who said vessel attacks and disruptions in the Gulf continued to support prices.
Ukrainian President Volodymyr Zelenskyy called the waiver unfortunate in an Oct. 17 post, arguing that reduced pressure on Russia would weaken Ukraine’s position.
Secretary of State Marco Rubio said Trump could take up to 60 days to assess the economic effects of imposing the proposed sanctions and tariffs, AP reported. That review period does not end the waiver: the White House order sets no automatic expiration date, leaving a further decision to Trump or the secretary of state.
