Oil Prices Edge Lower After Russia Sanctions Waiver
(RTTNews) - Oil prices traded lower on Monday after U.S. President Donald Trump waived sanctions and tariffs on Russia in a move that could pave the way for higher Russian fuel exports.
Brent crude futures traded 1.4 percent lower at $108.40 a barrel after settling at their highest level since May 19 on Friday. WTI crude futures were down 1.1 percent at $97.97 a barrel.
Trump suspended recently passed sanctions and tariffs aimed at Russia, potentially allowing more Russian fuel to reach global markets.
Trump accused Ukrainian President Volodymyr Zelensky of prolonging the war with Russia and said his decisions to suspend several Russian sanctions is an effort to keep Moscow at the negotiating table.
Russian President Vladimir Putin has proposed a trilateral summit with Trump and Chinese President Xi Jinping next month to discuss Ukraine deal, amid warming ties and sanctions waivers.
However, despite the prospect of additional fuel supplies, there is considerable uncertainty over the broader supply outlook due to escalating hostilities in the Middle East and Eastern Europe.
A Saudi helicopter crash near the border with Yemen due to a technical malfunction killed two crew.
An oil tanker caught fire and exploded after striking a naval mine in the southern part of the Strait of Hormuz, Iran's Islamic Revolutionary Guard Corps navy said.
Ukrainian attacks set an oil export terminal ablaze in St Petersburg on Sunday, as Kyiv launched more than 1,000 drones at Russia in one of the war's largest aerial assaults.







