Oil slips from 5-month high as Trump's Russia sanctions waiver may bring more supplies

Oil prices eased on Monday from a five-month peak as traders locked in gains after President Donald Trump set aside sanctions and tariffs on Russia, a step that could boost Russian fuel shipments. According to Business Recorder, Brent crude futures lost $2.29, or 2.08%, reaching $107.57 a barrel by 0619 GMT, having settled on Friday at their highest since May 19.

US West Texas Intermediate fell $1.95, or 1.92%, to $99.46 a barrel, having closed at its strongest level since September 17 on Friday. The order Trump issued Friday waives major sanctions and tariffs under the Graham Act, a law he signed last month at lawmakers' urging to pressure Moscow over the war in Ukraine. Rubio, the US Secretary of State, said the president will spend up to 60 days assessing the impact on the global economy.

Priyanka Sachdeva of Phillip Nova called the move a way of containing crude costs before the US midterm elections, and said it does little to ease physical supply disruptions in the Strait of Hormuz. Kpler put Gulf crude flows at about 8.5 million barrels per day last week, down from more than 20 million the week before. DBS expects oil prices to hold between $100 and $110 a barrel into the midterms, with Iran and its proxies keeping domestic fuel costs a major irritant for US voters.