Dubai \u2013 Oil prices dropped approximately two percent during trading on Monday, October 19, 2026. This decline reversed part of the gains recorded last week. Investors are now anticipating increased fuel supplies from Russia. The crude prices retreated from their five-month high. This move came as traders took profits after President Donald Trump waived sanctions and tariffs imposed on Russia. Such actions could lead to higher Russian fuel exports.<\/p>\n
Trump signed an executive order on Friday. This order waives major sanctions under the Graham Act. Lawmakers passed this act last month to pressure Moscow over its war in Ukraine. Oil prices rose four percent on Friday, October 16. Brent crude hit its highest level since May 19. Traders were monitoring global supply developments closely at that time.<\/p>\n
By 05:48 GMT, December 2026 Brent futures fell 1.88 percent. They reached one hundred seven dollars and seventy-nine cents per barrel. US West Texas Intermediate November 2026 contracts dropped 1.58 percent. These settled at ninety-nine dollars and eighty-one cents per barrel. Data was tracked by the specialized energy platform based in Washington.<\/p>\n
Both benchmarks gained significantly last week. Brent rose 4.9 percent while WTI surged 10.4 percent. This occurred amid escalating Middle East geopolitical tensions. Secretary of State Marco Rubio stated Trump would take up to sixty days to assess impacts. Market analysts view these moves as desperate attempts to control prices before midterm elections.<\/p>\n
Philip Nova\u2019s Brianka Sachdeva noted these steps do little for Hormuz disruptions. Attacks on tankers continue despite political maneuvering. KCM Trade\u2019s Tim Waterer said mixed messages create uncertainty. Markets may not fully absorb supply increases until details clarify. Trump previously agreed with Putin to export diesel starting at 2.3 million barrels monthly.<\/p>\n
Ukrainian President Zelensky warned these measures harm Ukraine. Brent briefly touched one hundred ten dollars on Friday. Concerns about shipping safety persisted due to regional threats. Kepler reported a sharp drop in Gulf flows to 8.5 million barrels daily. Ten confirmed attacks targeted commercial ships last week. Egypt offered Saudi Arabia support against Iranian-aligned Houthis.<\/p>\n
DBS Bank expects prices to stay between one hundred and one hundred ten dollars. Iran and proxies will keep fuel prices as voter concerns. Sofro Sarkar said short-term tools lack structural impact. Waiving Russian sanctions remains a temporary fix without long-term supply effects.<\/p>\n
This story was produced in the newsroom from the disclosed sources named above.<\/em><\/p>\n