WTI Oil eases below $97 amid hopes of higher supplies from Russia
Crude Oil trades moderately lower on Monday as market hopes that US President Donald Trump’s waiver on Russia’s sanctions will increase global crude supply have eased concerns about the stalled Middle East conflict.
Brent crude opened near USD 108 per barrel on Monday, following a drop from USD 109 on Friday. This decline occurred after President Trump waived key sanctions and tariffs on Russia, potentially increasing fuel exports. However, supply risks still loom due to Ukraine's strikes on Russian energy infrastructure and ongoing threats to Gulf crude flows.
The split between the EU and the US on Russia policy intensified over the weekend, with the EU reaffirming its sanctions on Russia and continuing support for Ukraine. Zelenskyy criticized the waiver as "wrong," while Ukraine expressed concerns over the impact on the war. Despite tensions, US intelligence-sharing had resumed, and Zelenskyy discussed potential diplomatic steps with Trump envoys.
Trump subsequently signed an executive order waiving the sanctions, pending a 60-day assessment of the economic impact.
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