Oil prices fall from 5-month high as Trump eases Russia sanctions amid Middle East supply fears
Oil prices declined from a five-month high as investors engaged in profit-taking and reacted to President Trump's decision to ease sanctions on Russia. The move, intended to potentially increase global fuel supply, has created market uncertainty regarding its long-term impact on energy prices.
Why it matters
Fluctuations in oil prices directly impact global inflation and the cost of living, making this a critical indicator for the global economy.
Oil prices fell on Monday after reaching a five-month high, as investors booked profits following a recent rise in prices. US President Donald Trump’s decision to ease some sanctions and tariffs on Russia also weighed on prices, as it could allow more Russian fuel to enter the global market.Brent crude futures fell by $2.29, or 2.08%, to $107.57 per barrel by 0619 GMT on Monday. The benchmark had settled at its highest level since May 19 on Friday, Reuters reported.Oil prices todayUS West Texas Intermediate (WTI) crude futures dropped by $1.95, or 1.92%, to $99.46 per barrel. WTI had closed at its highest level since September 17 on Friday.Trump signed an executive order on Friday to waive key sanctions and tariffs under a law known as the Graham Act.
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