Oil prices fall 2% after Russia sanctions waiver
- Brent crude fell 2.08% to US$107.57 per barrel, while West Texas Intermediate dropped 1.92% to US$99.46 on Monday, October 19, 2026.
- President Donald Trump waived key sanctions and tariffs under the Graham Act, raising expectations of additional Russian fuel exports.
- Middle East shipping disruptions remain a concern, while DBS forecasts oil prices between US$100 and US$110 per barrel ahead of the U.S. midterm elections.
Brent crude fell US$2.29, or 2.08%, to US$107.57 per barrel on Monday after Washington waived key Russia sanctions.
The decline followed Friday's five-month high, while WTI crude dropped US$1.95, or 1.92%, to US$99.46 per barrel.
“Until the details and duration are clearer, the market is unlikely to fully price in a sustained increase in supply,” said KCM Trade Chief Analyst Tim Waterer.
Trump's October 16 executive order waived specified Graham Act sanctions and tariffs, while Secretary of State Marco Rubio outlined a review lasting up to 60 days.
DBS forecasts oil prices between US$100 and US$110 per barrel ahead of the U.S. midterm elections, although Middle East shipping disruptions remain unresolved.
Gulf crude exports averaged approximately 8.5 million barrels daily last week, compared with more than 20 million barrels daily previously, according to Kpler.
Brent briefly reached US$110 on Friday amid Strait of Hormuz shipping threats, while the Russia waiver followed discussions concerning additional diesel exports.
