Oil slips to $108 at Sunday open after Trump's Russia sanctions waiver
Oil prices eased when futures reopened Sunday evening, with Brent down 1.3% to $108.43 a barrel, Reuters reported, as traders weighed President Trump's waiver of new Russia sanctions against Ukraine's drone strikes on a St. Petersburg oil terminal and more tanker attacks in the Gulf.
AI-assisted · US Brief desk · Sources listed below
What happened
Oil prices slipped when futures reopened for the week on Sunday evening. Brent crude fell $1.43, or 1.3%, to $108.43 a barrel by 4:40 p.m. PT (2340 GMT), Reuters reported, and U.S. West Texas Intermediate was at $100.88, down 53 cents. Shortly after the open, CNBC had Brent at $108.82 and WTI at $101.15. On Friday, Brent briefly touched $110 for the first time since May and settled at $109.86, its highest close since May 19.
Why it matters
Crude near $110 feeds directly into what Americans pay at the pump. AAA put the national average at $4.30 a gallon for regular gasoline and $6.32 for diesel on Sunday, with the midterm elections 16 days away. Sunday's dip is small, so it doesn't yet signal relief for drivers.
More context
Why prices dipped: Traders reacted to President Trump's executive order, signed Friday, waiving most sanctions and tariffs under the Graham Act, which Reuters said may lead to more Russian fuel exports. Secretary of State Marco Rubio has said Trump will use up to 60 days to assess the economic impact. The waiver follows Trump's deal with Russian President Vladimir Putin to export diesel to the United States. Six Republican senators joined six Democrats last week in asking Trump to rescind that deal, Fox News reported, and Ukrainian President Volodymyr Zelenskyy said the U.S. moves will hurt Ukraine.
What's pushing the other way: Ukraine launched a large wave of drone strikes on St. Petersburg on Sunday, and fires broke out at an oil terminal and depot, Gov. Alexander Beglov said on Telegram, per CNBC. The terminal exports about 120,000 barrels a day of refined products, mostly fuel oil, according to Kpler data cited by CNBC; the extent of the damage is unclear. In the Gulf, Britain's UKMTO reported two tankers attacked off Saudi Arabia on Friday, one by a rocket-propelled grenade fired from a small boat 78 nautical miles northeast of Al Jubayl. Kpler said attacks cut Gulf crude flows to about 8.5 million barrels a day on a seven-day average last week, from more than 20 million the week before, Reuters reported.
Unconfirmed: Iran's Revolutionary Guard navy said Sunday that a tanker caught fire and exploded after hitting a naval mine in the southern Strait of Hormuz, according to Iranian media. No vessel or casualty details were given, and the claim has not been independently verified.
Push and pull, at a glance: Pulling prices down are the Russia waiver, the prospect of more Russian fuel on world markets, the International Energy Agency's agreed release of more than 20 million barrels of fuel, and the Energy Department's Friday offer to exchange up to 17 million barrels from the Strategic Petroleum Reserve (Reuters, Oct. 16). Pushing prices up are Ukraine's renewed strikes on Russian oil sites, at least 10 confirmed attacks on commercial ships in the Gulf region last week (Kpler, via Reuters), and the unverified Hormuz mine report.
What's still unknown: Whether Russia will actually ship more diesel and other fuel while Ukrainian drones keep hitting its refineries and terminals. How badly the St. Petersburg terminal was damaged. Whether the Hormuz mine claim is confirmed. Whether the White House reimposes any Graham Act measures after Rubio's 60-day review.
8 listed sources
- Reuters (Florence Tan) via Investing.com, Oil slips as Trump's sanction waiver may lead to more Russian fuel supplies, Oct. 18, 2026
- CNBC (Spencer Kimball), Brent crude hovers near $109 a barrel as Ukraine resumes energy strikes, tankers attacked in Middle East, Oct. 18, 2026
- investingLive (Eamonn Sheridan), Oil dips as Trump waives Russia energy sanctions, offsetting Hormuz tanker blast, Oct. 18, 2026
- White House, Implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 (executive order), Oct. 16, 2026
- Fox News (Morgan Phillips), Trump eases Russia sanctions to lure Putin toward Ukraine peace deal, Oct. 18, 2026
- AAA, national average fuel prices, Oct. 18, 2026
- Reuters via The Globe and Mail, Brent crude touches $110 a barrel for first time since May, Oct. 16, 2026
- Sourcing note: Reuters and the White House order are the baseline; CNBC and investingLive are market-news outlets; Fox News is often rated right-leaning.
References listed by US Brief; a source count is not a verification score.
Editorial sourcing notes
Updated Sunday evening, Oct. 18, with prices from the weekly futures reopen; the Friday settle figures from our earlier version are kept for comparison. Prices are early-trading snapshots and will move overnight. Iran's claim that a tanker hit a mine in the Strait of Hormuz comes from Iranian media and has not been independently verified. The extent of damage at the St. Petersburg terminal is unclear.
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