Crude oil prices fell Monday as traders weighed the prospect of more Russian supply reaching global markets after President Donald Trump signed an executive order Friday waiving most U.S. sanctions and tariffs on Russia. Brent crude futures fell 2.38% to $107.25 per barrel in one report, while West Texas Intermediate lost 1.78% to $99.60. Other outlets recorded different levels at various points in the session. One showed Brent down 1.5% at $108.22 and WTI down 0.6% at $100.85, and another showed WTI dropping below $97.00. Crude had surged nearly 5% last week, and WTI remains more than 8% higher for the month and nearly 40% above its July lows.

The executive order suspended numerous sanctions on Russia days before they were set to take effect and waived proposed tariffs on countries importing Russian oil. Trump said the waiver was in the national interest and came a week after he signed a diesel import deal with Russia and blamed Ukrainian attacks on Russian facilities for driving up global fuel prices. In a weekend social media post, he said he was negotiating a Russia-Ukraine peace deal and did not want to drive Moscow from the bargaining table. Secretary of State Marco Rubio asked for more time Saturday to assess the situation, and Trump told reporters in Florida, "A lot of you don't know what my decision is yet, but we'll figure it out," leaving the administration's final stance unclear.

The waiver drew criticism from European officials and from Republican and Democratic lawmakers in the United States. Ukraine signaled it will continue attacking Russian infrastructure while lamenting additional agreements between Washington and Moscow. Fires broke out at an oil terminal and depot in St. Petersburg after a large Ukrainian drone strike Sunday, according to Governor Alexander Beglov. The terminal exports about 120,000 barrels per day of refined products, mostly fuel oil, per Kpler data, and the extent of damage was unclear. Ukraine had briefly paused strikes on Russian energy facilities after Trump declared Oct. 11 that Kyiv and Moscow had agreed to a truce.

Security in the Persian Gulf region has also deteriorated. Two tankers were attacked off the coast of Saudi Arabia on Friday, according to the UK Maritime Trade Operations Centre: one was hit by a rocket-propelled grenade fired from a small boat 78 nautical miles northeast of Al Jubayl, and the ST3 was struck by an unknown projectile. The UN's top maritime official said 24 vessels have been attacked in the Strait of Hormuz over the past two weeks, and Iran's Revolutionary Guard Corps said a tanker "violating regulations" caught fire after striking a sea mine. Iran has escalated attacks on tankers in the Persian Gulf, Strait of Hormuz and Gulf of Oman to choke off regional crude exports. Supertanker freight rates have reached record levels and insurers have raised premiums, which analysts say should cushion prices.

The developments come as rising fuel costs weigh on the Republican Party's prospects in the November midterm elections. Critics have predicted the Russian waivers will do little to lower diesel prices, arguing the price spike stems chiefly from Trump's war against Iran, which has battered Middle Eastern flows. ANZ analysts said the key question is whether the global supply chain can efficiently deliver refined products to end users, noting that oil demand has stayed resilient despite high prices. Upbeat Chinese third-quarter GDP data and a third straight monthly rise in Chinese refinery throughput offered limited support to prices, and markets are watching for clarity on the sanctions decision and developments in the Gulf.