Oil slips as Trump's sanction waiver may lead to more Russian fuel supplies

Business Recorder reported that oil prices eased Monday following a waiver by President Donald Trump of sanctions and tariffs on Russia, a move that could increase Russian fuel shipments abroad. Brent futures shed $1.43, or 1.30%, reaching $108.43 a barrel at 2340 GMT, having settled Friday at their loftiest point since May 19. US West Texas Intermediate was quoted at $100.88 a barrel, 53 cents or 0.52% lower.

The waiver, issued via an executive order Trump signed on Friday, sets aside major sanctions and levies imposed under the Graham Act. Rubio, the Secretary of State, indicated Trump could spend up to 60 days weighing the waiver's economic consequences. The move follows a deal between Trump and Vladimir Putin for Russian diesel exports to the US, and Zelenskiy said these steps would hurt Ukraine.

Brent had hit $110 a barrel intraday on Friday, its first such level since May, amid Middle East tensions. In a Friday note, Kpler said Gulf crude flows fell to roughly 8.5 million barrels daily on a seven-day average last week, from over 20 million the previous week, linking the drop to intensified attacks on vessels. Egypt also said it is prepared to back Saudi Arabia against Yemen's Houthis, a development that adds to regional tension.