Oil prices hold near $105 per barrel as Trump eases sanctions on Russian fuel
Oil prices have stabilized near $105 per barrel as markets weigh supply risks from Middle East conflicts against the US decision to temporarily ease sanctions on Russian diesel. While the additional supply may temper price hikes, geopolitical tensions in the Gulf continue to threaten global energy transit routes.
Why it matters
The intersection of US sanctions policy and regional conflict in the Middle East creates high volatility in global energy markets, affecting inflation and trade costs.
Oil prices edged lower on Tuesday after rising by nearly $2 a barrel in the previous session, as traders weighed the risks to supplies from attacks on Saudi Arabia against the prospect of additional diesel supplies from Russia.West Texas Intermediate (WTI) crude was trading at $92.84 a barrel, down $0.90, or 0.96%, while Brent crude fell $1.01, or 0.95%, to $105.60 a barrel. This comes after Brent futures had settled at $106.65 a barrel on Monday, their highest level since September 15.Oil markets have found some relief after US President Donald Trump said that Russia has agreed to supply diesel to global markets.
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