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Oil Falls to $108 After Russia Sanctions Waiver
Why is oil down today?
Brent crude oil (BZ=F) fell about 1.2% to $108.52 a barrel on Monday after President Trump waived Russia sanctions and suspended 100% tariffs on big buyers, raising hopes for more Russian fuel supply.
Key numbers
| Brent crude, Monday (per Reuters) | $108.52-1.22% |
|---|---|
| Brent Friday close, highest since May 19 | $109.865-month high |
| Tariff threatened on top five Russian oil and gas buyers | Up to 100%Suspended |
| India's Russian crude imports, Sept (China: 1.49M) | 1.82M bpdKpler sees 1.8-1.9M in Oct |
| Russian diesel deal, monthly volume (per Reuters) | 7.6M barrelsfrom 2.3M this month |
What happened
Brent crude oil (BZ=F) fell about 1.2% to $108.52 a barrel on Monday after President Trump waived Russia sanctions and suspended 100% tariffs on big buyers, raising hopes for more Russian fuel supply. The order waives parts of a new law that allowed tariffs of up to 100% on the five biggest buyers of Russian oil and gas, including India and China. Ukraine's President Volodymyr Zelenskyy said the move "helps only the Russians," and Republican Sen. Thom Tillis called it "beyond irresponsible". Secretary of State Marco Rubio said the U.S. will take up to 60 days to study the economic effects.
Why it matters
Oil is falling because Trump's waiver removes a threat to Russian fuel sales, so more supply may reach the market. Cheaper oil can lower petrol and diesel costs, but prices are still near a five-month high because shipping through the Strait of Hormuz remains well below normal. Critics say the waiver also eases pressure on Russia during the war in Ukraine.
Who this affects
- MarketbearishLow impact
- Oil traders: lower prices on hopes of more Russian supply.
- CompanybullishMedium impact
- Russian exporters and Indian refiners avoid new penalties.
- CompetitorsbearishLow impact
- Rival oil suppliers may face more Russian competition.
- IndustrymixedMedium impact
- Importers gain relief; Ukraine says Russia gets reward.
Brent vs WTI crude
| Brent crudeBZ=F | $108.52 | -1.22% | $109.86 |
|---|---|---|---|
| WTI crudeCL=F | $101.28 | -0.13% | $101.41 |
As of 2026-10-19
How we got here
Trump signs the Graham Act, allowing tariffs on big buyers of Russian oil and gas.
Trump waives the act's Russia sanctions and tariffs; penalties were due to start October 18.
Zelenskyy and lawmakers from both parties criticize the waiver.
Brent falls to about $108.52 from a five-month high.
What to watch
- Rubio's review of the waiver's economic impact, expected to take up to 60 days.2026-12-15
- Iran attacks near the Strait of Hormuz ahead of U.S. midterm elections.2026-11-03
- Whether Russian diesel exports reach about 7.6 million barrels a month.Q4 2026
Educational content only. Not investment advice.
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