Oil Prices Fall After Trump Waives New Russia Sanctions

TLDR Brent crude fell 1.8% to $107.86 a barrel and WTI dropped 1.7% to $97.37 on Monday. President Trump signed an order Friday waiving new sanctions and tariffs on Russia, but earlier sanctions remain. Ukrainian drones hit a St. Petersburg oil terminal, and Iran-backed Houthis continue to threaten Saudi supplies. Morgan Stanley says supplies from Gulf producers and Russia are 5.5 million barrels a day below last year. Iran says its offer to reopen the Strait of Hormuz within seven days is still open. Oil prices fell on Monday as traders weighed a U.S. decision to ease sanctions on Russia against ongoing supply risks in the Middle East. Prices had climbed nearly 5% last week. December Brent crude futures dropped 1.8% to $107.86 a barrel.

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