Oil prices slide as sanctions relief on Russian crude raises hopes of increased supply
U.S. President Donald Trump invoked the Graham Act’s national-interest waiver to suspend new duties on Russian goods and major Russian energy buyers.
TL;DR
- Crude oil prices decreased on Monday due to potential increases in Russian supply after U.S. sanctions relief.
- Brent crude futures fell 1.80% to $107.88 per barrel, and WTI crude lost 1.14% to $100.25 per barrel.
- Ukraine launched drone strikes on an oil terminal in St. Petersburg, causing fires.
- The St. Petersburg terminal exports approximately 120,000 barrels per day of refined products.
- Two tankers were attacked off the coast of Saudi Arabia in the Persian Gulf.
- Iran has been escalating attacks on tankers in the Persian Gulf region.