WTI snapped a seven-session rise, slipping to about $97.40 a barrel in Asian trading on Monday. The pullback followed an executive order signed on Friday that waived key sanctions and tariffs on Russia, a step expected to lift Russian fuel exports. The measure paused restrictions under the Graham Act, which had been signed last month, and the US Secretary of State said the president would take up to 60 days to assess the waiver’s economic effects.
Russian Fuel Exports And Turkey’s Position
Turkey is expected to take some of the additional Russian diesel directed into global markets under its accord with Washington, while Ankara remains reliant on supplies from Russia, Iran and Azerbaijan. Supply risk, however, stayed in focus.
Geopolitical Tensions And Supply Risks
In the Middle East, clashes involving Saudi Arabia and Iran-backed Houthi forces continued; three tankers were damaged in the Strait of Hormuz over the weekend, and Iran’s IRGC Navy reiterated the route is closed to unauthorised traffic. In Eastern Europe, Ukraine said it launched over 1,000 drones at targets in Russia, with fires reported at an oil export terminal and a storage depot in St Petersburg on Sunday.
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