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- US temporarily eased fuel sanctions after Russia agreed to export diesel, easing supply tight spots.
- US lawmakers challenged the move’s legality, while Ukraine vowed ongoing strikes despite Trump’s energy ceasefire.
- Escalating Houthi drone and missile attacks on Saudi Arabia add fresh geopolitical risks to oil markets.
West Texas Intermediate (WTI) oil price halts its three-day winning streak, trading around $91.50 per barrel during European hours on Tuesday. Crude oil prices fell as traders weighed the impact of new Russian diesel exports against escalating geopolitical tensions.
US President Donald Trump announced that Russia had agreed to supply diesel to global markets, prompting his administration to temporarily lift US sanctions on Russian fuel, measures originally designed to deprive Moscow of revenue for its war on Ukraine. These additional supplies are expected to help alleviate tightness in global fuel markets, tempering some of the supply concerns that had recently driven crude prices upward.
Despite the market reaction, the move faces significant opposition. US lawmakers argued that President Trump’s agreement with Russian President Vladimir Putin appears to violate US law, which prohibits Russian energy imports until Moscow halts its aggression against Ukraine. At the same time, Ukrainian President Volodymyr Zelenskyy vowed to continue strikes against Russian targets, noting that Moscow continues to strike Ukraine’s energy infrastructure in breach of the “energy ceasefire” previously announced by Trump.
Trump administration is facing mounting pressure to support Saudi Arabia in its conflict against Iran-backed Houthi militants in Yemen. This renewed concern comes in the wake of recent missile and drone attacks targeting Riyadh’s main airport.
Brent eases as markets weigh Russian diesel supply prospects
Analysts at Danske Bank note that in commodities, “Brent crude traded around USD 105/bbl this morning, down from around USD 107/bbl last night, as markets weighed the prospect of more Russian diesel entering global markets.” This reassessment of potential Russian product flows has prompted a modest pullback in prices after the previous session’s gains.
