Brent crude and US West Texas Intermediate retreat from recent highs as markets assess the possibility of increased Russian fuel supplies, while Middle East tensions continue to threaten energy shipments.
KARACHI, PAKISTAN — October 19, 2026: Global oil prices declined on Monday after reaching their highest levels in months, as markets reacted to a US decision to waive some sanctions and tariffs affecting Russia, raising expectations that Russian fuel supplies could increase.
Brent crude futures fell by around 1.5% to 2% during early trading, with prices moving near $108 per barrel. US West Texas Intermediate (WTI) crude also declined, trading around $100 per barrel. Prices varied across reports and trading times. Reuters-based figures reported by other outlets placed Brent at $107.88 and WTI at $100.25 per barrel in early trading.
US policy shift weighs on oil prices
The decline followed US President Donald Trump’s move to waive certain Russia-related sanctions and tariffs. The decision raised expectations that Russian energy exports could increase, potentially easing pressure on global oil supplies.
However, the longer-term impact remains uncertain. US Secretary of State Marco Rubio said the administration could take up to 60 days to assess the economic implications of the measure, according to market reporting.
Middle East tensions continue to support prices
Despite Monday’s decline, oil markets remain vulnerable to supply disruptions. Security threats affecting commercial vessels and energy shipments in the Middle East have raised concerns about crude oil flows through key maritime routes, including the Strait of Hormuz.
Reports of reduced Gulf crude flows and continuing regional tensions have kept a risk premium in oil prices, limiting the certainty that the latest decline will continue.
Outlook remains uncertain
Oil prices are likely to remain sensitive to developments in Russia-related energy policy, shipping security and the wider geopolitical situation. Any sustained increase in available supplies could ease upward pressure, while further disruptions could quickly reverse recent losses.
