Oil Falls as Trump Waives Russian Sanctions, Offsetting Strait of Hormuz Tanker Blast

Crude oil futures fell in early Asian trading on Monday as expectations of rising Russian fuel supplies overshadowed Middle East geopolitical risks. Brent crude dropped $1.06, or 0.96%, to $108.80 per barrel, while U.S. West Texas Intermediate slipped 23 cents, or 0.23%, to $101.18 per barrel. The decline followed U.S. President Donald Trump's executive order waiving Graham Act sanctions and tariffs on Russian energy exports to support Ukraine peace talks and ease global supply tightness. This anticipated supply boost outweighed reports of an oil tanker explosion caused by a naval mine in the Strait of Hormuz.