Oil slips near $108 as Trump waives some Russia sanctions; Hormuz risks still support prices

Oil prices slipped on Monday after US President Donald Trump waived some Russia-related sanctions and tariffs — a step markets read as clearing the way for more Russian fuel — Reuters and the Economic Times reported on 19 October.

Prices after Friday’s five-month high

• Brent fell about 1.3–1.6% toward $108: Economic Times showed $108.06 (down $1.80, or 1.64%); a later Reuters London update had $108.41 (down $1.45, or 1.32%). Both noted Friday’s settle was the highest since 19 May.
• US West Texas Intermediate traded near $101 (Economic Times $100.88, down 53 cents; Reuters later $101.09, down 32 cents) after ending last week at its highest since 17 September.
• Brent briefly touched $110 on Friday for the first time since May, the Economic Times said.

Trump waiver and the 60-day review

Trump signed an executive order on Friday suspending key Graham Act sanctions and tariffs, following a Trump–Putin diesel-export deal for the US and other countries — about 2.3 million barrels this month, rising toward about 7.6 million barrels monthly, Reuters reported. Secretary of State Marco Rubio said the president would take up to 60 days to assess the economic impact. Ukrainian President Volodymyr Zelenskiy said US actions would hurt Ukraine, per the Economic Times.

Hormuz and Gulf shipping still tight

Physical risks still supported prices. Kpler said attacks cut Gulf crude flows to a seven-day average of about 8.5 million barrels per day last week from more than 20 million bpd the week before, with at least 10 confirmed vessel incidents. Iran’s Revolutionary Guard said an oil tanker caught fire and exploded after striking a naval mine in southern Hormuz on Sunday, Iranian media reported via Reuters. UBS’s Giovanni Staunovo said ongoing Hormuz strikes and below-pre-conflict flows “continue to provide support.” Goldman Sachs’s Daan Struyven cited a scenario of $120 a barrel if vessel attacks escalate, or toward $80 if exports normalize, the Economic Times reported.