Oil drops as Trump halts Russian sanctions
Oil prices declined after Trump's decision to freeze sanctions on Russia, with Brent contracts falling to $107.88 per barrel and West Texas Intermediate to $100.25. This came following Trump signing an executive order that halts strict sanctions aimed at reducing energy costs ahead of the midterm elections, with an assessment of the economic impacts of the decision to be conducted over 60 days. Despite expectations of increased Russian oil flows, tensions in the Gulf remain ongoing, as Gulf oil flows have decreased by about 60% due to attacks on ships, reflecting ongoing volatility in global oil prices.
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