Oil prices slipped from a five-month high on Monday, October 19, 2026, as investors took profits after United States President Donald Trump waived sanctions and tariffs on Russia that may lead to more Russian fuel exports.
Brent crude futures fell $2.29, or 2.08%, to $107.57 a barrel by 0619 GMT after settling at its highest since May 19 on Friday.
US West Texas Intermediate crude was at $99.46 a barrel, down $1.95, or 1.92%, after closing at its highest since September 17 on Friday.
Trump signed an executive order on Friday waiving key sanctions and tariffs under the law known as the Graham Act, which he signed last month at the urging of lawmakers who wanted to pressure Moscow over its war in Ukraine.
However, Secretary of State Marco Rubio said the president will use up to 60 days to assess the impact of the sanctions and tariffs on the global economy.
“Trump’s move looks like another desperate attempt to keep oil prices in check ahead of the US midterm elections,” the head of market insight at Phillip Nova, Priyanka Sachdeva, told Reuters.
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Sachdeva added that the move does little to address the physical supply disruptions in the Strait of Hormuz, where oil tanker attacks continue.
KCM Trade chief analyst Tim Waterer said while the US waiver on Russian sanctions could lead to higher Russian fuel exports, the mixed messaging has created uncertainty.
“Until the details and duration are clearer, the market is unlikely to fully price in a sustained increase in supply,” Waterer added.
The waiver comes after Trump struck a deal with Russian President Vladimir Putin to export diesel to the United States and other countries — starting at about 2.3 million barrels this month before rising to about 7.6 million barrels monthly. Ukrainian President Volodymyr Zelensky said these US actions will hurt Ukraine.
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