Oil Dips as Trump Waives Russia Sanctions Despite Hormuz Tanker Blast

Key Facts

1US President Donald Trump signed an executive order waiving Graham Act sanctions and tariffs on Russian energy exports.

2Iranian media reported a tanker exploded after hitting a naval mine in the southern Strait of Hormuz.

3Trump justified the waiver as a move to keep Russia in Ukraine peace talks, citing progress on hostages.

US President Donald Trump signed an executive order waiving Graham Act sanctions and tariffs on Russian energy exports. According to investinglive.com, Trump justified the waiver as a strategic move to keep Russia engaged in Ukraine peace negotiations, citing progress regarding hostages. This policy shift occurred as Iranian media reported a tanker explosion caused by a naval mine in the southern Strait of Hormuz.

GHC closed at $1203.26 on October 16, 2026, as market participants weighed the potential for increased Russian supply against the geopolitical risk premium from maritime incidents. Reports indicated that previous strikes on Russian refining capacity had strained global diesel markets, prompting the executive decision to maintain energy flows while diplomatic efforts continue.