Oil slips as Trump's sanction waiver may lead to more Russian fuel supplies

Trump signed an executive order on Friday waiving key sanctions and tariffs under the law known as the Graham Act, which he signed last month at the urging of lawmakers who want to pressure Moscow over its war in Ukraine. However, Secretary of State Marco Rubio said the president will use up to 60 ‌days to assess the economic impact of the waiver. The move comes after Trump struck a deal with Russian President Vladimir Putin to export diesel to the United States.

Ukrainian President Volodymyr Zelenskiy said these US actions will hurt Ukraine. Brent crude oil briefly touched $110 a barrel on Friday for the first time since May as tensions and ​security threats in the West Asia raised concerns over the safety of shipping and tighter ‌global energy supplies. Intensified attacks on commercial vessels cut Gulf crude flows sharply to about 8.5 million barrels per day on ​a ‌seven-day average last week from more than 20 million bpd the week before, ‌analytics firm Kpler said in a Friday note.

At least 10 confirmed incidents involving commercial vessels were reported last week, it added. Potentially ‌raising ​the stakes in ​the West Asia war, Egypt said it is ready to provide Saudi Arabia with the support it needs to defend its ‌security and ​stability against Yemen's Iran-allied Houthis. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.) Don't miss the most important news and views of the day. Get them on our Telegram channel First Published: Oct 19 2026 | 7:51 AM IST