Crude Prices Ease as US Halts Russian Sanctions and Tariff Directives

Original summary · What happened

Petroleum futures retreated sharply at the start of the trading week after US President Donald Trump enacted an executive order suspending a broad slate of pending sanctions on Russia. The administrative directive also eliminated planned tariffs on international jurisdictions that import Russian crude supplies. Benchmark Brent contracts dropped more than 2% to trade near $107.60 a barrel, while West Texas Intermediate settled down roughly 1.6% toward $99.80 a barrel, easing after crude had gained nearly 5% across the preceding week.

Administration officials framed the regulatory pauses as aligned with national strategic interests, coming shortly after an agreement on diesel imports from Russia and amid broader diplomatic initiatives to facilitate negotiations in the Russia-Ukraine conflict. Trump asserted via social media that avoiding punitive market barriers would support peace talks, while pointing to recent Ukrainian strikes against Russian oil facilities as a factor in global fuel price increases. Meanwhile, energy traders continue to gauge physical supply flows through maritime bottlenecks such as the Strait of Hormuz.