Oil eases as markets assess potential waiver on Russian energy, Middle East supply risks
USO•Oil prices fell on Tuesday as markets weighed a US waiver of some Russia-related sanctions and tariffs against concerns about Middle East supply disruptions. Brent was down 0.45% at $109.06 a barrel, while WTI for November delivery fell 0.33% to $103.32.
1. Oil prices retreat
Brent crude futures fell 49 cents, or 0.45%, to $109.06 a barrel by 0010 GMT. US WTI for November delivery eased 0.33% to $103.32, while the more-active December contract fell 46 cents, or 0.47%, to $98.08. Brent reached $110.70 in the previous session, its highest since May 20.
2. Russia waiver under review
An executive order issued by US President Donald Trump on Friday waived key Russia-related sanctions and tariffs, including duties on Russian goods and penalties for buying its oil and gas. Trump said Saturday that he had not made a final decision, and Secretary of State Marco Rubio said officials wanted more time to evaluate the situation. Russia’s crude output rose by 65,000 barrels per day in September to 8.43 million bpd, but remained about 870,000 bpd below a year earlier, the International Energy Agency said.
3. Regional supply concerns
Yemen’s Iran-aligned Houthis said they attacked Saudi energy, airport and military targets, including an Aramco site in Yanbu and the Shaybah oilfield. Saudi authorities did not immediately confirm the claims, which could not be independently verified. The attacks heightened concerns about regional stability and energy supplies, keeping oil above $100 a barrel. A preliminary poll showed US crude and product inventories were expected to have fallen last week.
