Oil prices fell on Monday after climbing to multi-month highs last week, as traders assessed the possible impact of US measures easing some restrictions on Russian exports alongside continuing disruption to shipments through the Strait of Hormuz.
Brent crude futures were down 1.6% at $108.14 a barrel at 14:27 GMT on Monday, while US West Texas Intermediate crude fell 0.86% to $100.54. The figures reflect trading at that time and may have changed since.
US President Donald Trump signed an executive order on Friday waiving some sanctions and tariffs related to Russian exports. The move followed an agreement with Russian President Vladimir Putin concerning diesel supplies to the United States and other markets. US Secretary of State Marco Rubio said the administration would take up to 60 days to assess the economic impact of the measures.
The possible increase in Russian fuel supplies could ease some pressure on energy markets. However, the outlook remains uncertain as attacks on commercial vessels and disruption around the Strait of Hormuz continue to constrain oil flows.
Data cited by Reuters showed that average crude shipments through the Gulf fell to around 8.5 million barrels per day last week, compared with more than 20 million barrels per day the previous week. Analysts warned that the improvement in some shipping flows may not last.
The contrasting developments underline the difficulty of predicting energy prices: additional Russian supplies could ease pressure, but geopolitical risks and shipping disruptions continue to threaten global availability.
