Brent Falls as Trump Waives Parts of New Russia Sanctions Law

Brent crude fell 1.3% to $108.43 a barrel in early Asian trading on Monday, after a Friday rally pushed prices to their highest close since May 19. US West Texas Intermediate also slipped, to $100.88. Traders saw President Donald Trump’s waiver of new Russia-related sanctions as a possible path to more Russian fuel reaching world markets^4,5.

That waiver set aside key parts of the Graham Act, a law passed last month to increase pressure on Moscow over its war in Ukraine. It allowed tariffs of up to 500% on some Russian goods and up to 100% on goods from the five largest buyers of Russian oil and gas, including India. The tariffs could apply if legal conditions were met. Trump said he did not want new penalties to push Russia away from talks. Secretary of State Marco Rubio said the administration would take up to 60 days to weigh the effects^1,3.

The 60-day review matters well beyond Moscow. India faces a short-term break from the threat of extra US tariffs, while oil companies and exporters may benefit from less uncertainty. But the waiver does not end existing US sanctions, and the administration can revisit its decision. Ukraine’s President Volodymyr Zelenskyy warned that easing pressure could help Russia keep fighting; US lawmakers from both parties also criticised the move^1,4,9.

That uncertainty now sits alongside tight energy supplies. Attacks on commercial ships sharply cut Gulf crude shipments, while conflicts involving Iran, the Houthis and Ukraine have added pressure to prices^5,8. Trump says he wants to protect negotiations and avoid harming fuel markets; critics say the relief weakens pressure on Moscow. The waiver stays in place until Trump or Rubio decides further action is needed after required consultations, making the administration’s review the next key step².