Crude oil price today: Brent falls 2% to near $108 on Trump's Russia sanctions waiver
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Brent crude fell about 2% to near $107.7 a barrel on October 19, 2026, as Trump's waiver of Russia sanctions raised hopes of more supply.
What Happened
Crude oil prices fell about 2% on Monday, October 19, 2026, as traders bet that US President Donald Trump's waiver of sanctions on Russia will bring more Russian fuel to world markets. Brent crude, the global benchmark, traded at about $107.6 to $107.8 a barrel in Asian hours, down from Friday's close of $109.86, while US West Texas Intermediate fell to around $99.5 to $100.4. Brent had touched $110 last week, its highest level since May, on fears over supplies from the Middle East and Russia.
Key Facts
- Brent crude: about $107.6-107.8 a barrel on Monday morning, down about 1.9% from Friday's close of $109.86.
- WTI crude: about $99.5-100.4 a barrel.
- Trigger: Trump's order on Friday waived key sanctions and tariffs on Russia that were due to take effect under a new US law.
- Diesel deal: the waiver was paired with a deal on Russian diesel exports, starting at about 2.3 million barrels this month and rising to about 7.6 million barrels a month, according to reports.
- Review period: US Secretary of State Marco Rubio said the president will take up to 60 days to assess the impact of the sanctions and tariffs on the global economy.
- Middle East risk: attacks on commercial ships 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, according to ship-tracking firm Kpler.
Why It Matters
Oil prices are being pulled in two directions. On one side, the conflict around the Gulf and the Strait of Hormuz has sharply reduced how much crude leaves the region, which pushed Brent to a five-month high last week. On the other, the US decision to hold off on new sanctions and tariffs on Russia suggests more Russian oil and diesel can keep flowing to buyers, easing fears of a wider shortage. Monday's fall shows the market giving more weight, for now, to the extra Russian supply.
But the relief may be fragile. Analysts say that until the details and duration of the waiver are clear, markets are unlikely to fully price in a lasting increase in supply. Rubio's 60-day review means the sanctions question could return before the end of the year. And Gulf flows remain far below normal.
| Benchmark | Friday close | Monday (morning) |
|---|---|---|
| Brent | $109.86 | about $107.6-107.8 |
| WTI | — | about $99.5-100.4 |
For India, which imports most of the crude it refines, every dollar matters. A fall in Brent eases pressure on the import bill, the rupee and fuel costs, and the US waiver on Russia is being watched closely by Indian refiners that buy Russian crude. With Rubio visiting India this week, with energy on the agenda, the future of Russian oil purchases is likely to come up.
Impact
Short-term: Lower crude prices give some breathing room to oil-importing economies and to fuel retailers. Prices will stay sensitive to any news from the Gulf and from Washington on Russia.
Long-term: If Russian supply keeps flowing and Gulf shipping recovers, prices could ease further from their highs; if the waiver is withdrawn after the 60-day review or the Gulf conflict worsens, they could climb back above $110.
Who is affected: Oil-importing countries such as India; refiners that buy Russian crude; airlines, transport companies and other fuel users; consumers facing fuel prices; and oil producers.
Key Takeaway
Brent crude fell about 2% to around $107.7 a barrel on October 19, 2026, as Trump's waiver of Russia sanctions raised hopes of more supply, but Gulf disruptions and a 60-day US review keep the outlook uncertain.
Questions and Answers
What is the crude oil price today, October 19, 2026?
Brent crude traded at about $107.6 to $107.8 a barrel on Monday morning, down about 1.9% from Friday's close of $109.86. WTI was around $99.5 to $100.4.
Why did oil prices fall on Monday?
Prices fell because President Trump's waiver of new sanctions and tariffs on Russia raised hopes that more Russian oil and diesel will reach world markets.
How long will the US Russia sanctions waiver last?
Secretary of State Marco Rubio said the president will take up to 60 days to assess the impact of the sanctions and tariffs on the global economy.
Why are oil prices still high?
Attacks on commercial shipping 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, according to Kpler, keeping supply tight.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
Sourced and fact-checked by the Peepals Global Editorial Team
Reported, fact-checked and published by the Peepals Global Editorial Team.
