Oil prices saw a slight decline after President Trump signed an executive order waiving sanctions and tariffs on Russian energy exports to maintain progress in Ukraine peace talks. This decision offset market concerns regarding supply stability following a tanker explosion caused by a naval mine in the Strait of Hormuz. Meanwhile, diplomatic efforts are underway to de-escalate regional tensions, including a potential visit by Pakistan's army chief to Tehran.
President Trump waived Graham Act sanctions on Russian energy to facilitate Ukraine peace talks, offsetting supply concerns following a tanker explosion in the Strait of Hormuz.
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