Crude oil futures settled lower on Monday after President Trump waived some new sanctions against Russia, though Middle East tensions and continued attacks on Russian energy infrastructure kept the decline contained. December Brent settled down 0.3% at $109.55 a barrel, and the most-active December West Texas Intermediate contract fell 0.5% to $98.54, according to Dow Jones Newswires market reporting.
November WTI, meanwhile, rose 2.2% to $103.66 a barrel ahead of Tuesday’s contract expiry, the report said. Most of the selling in oil futures “looked technical,” Ritterbusch and Associates said in a note, adding that Friday’s late-session advance “looked mismatched against fresh headlines.”
Spartan Capital’s Peter Cardillo, in a note, questioned whether the sanctions waiver would meaningfully increase energy supply. “The big question is: will it work?” he said. The waiver could provide temporary relief, Cardillo added, “but with the war in Iran and renewed Ukrainian attacks on Russian oil refineries, oil prices are unlikely to decline significantly” and could surpass last week’s highs.
Exness senior market strategist Christopher Tahir pointed to Middle East flashpoints as the main offset to any policy relief. “Tensions between Saudi Arabia and the Houthis remain elevated, while traffic through the Strait of Hormuz continues to face restrictions amid security incidents,” he said in a note. “Further disruption to Russian export infrastructure or an escalation in the Middle East could offset the expected policy relief and restore upward pressure.”
Brent was earlier trading down 2% at $107.69 a barrel and WTI was down 1.8% at $97.25.
In separate analyst calls covered by Dow Jones Newswires, Jefferies analyst Mark Wilson said BP’s planned strategy and outlook update would help shift investor narrative from asset disposals toward growth and shareholder returns. Shares of the British energy major traded 0.15% higher at 614.90 pence.
Maybank Securities initiated coverage of Philippine power company Aboitiz Power with a buy rating and a target price of 65.00 pesos. Analyst Germaine Guinto cited the company’s 85% contracted portfolio, electricity-generation capacity expansion, and a dividend yield of around 5%, forecasting net-income growth of 10% in 2027 and 7% in 2028. Aboitiz Power, which holds stakes in three of the Philippines’ key power suppliers, was trading 1.3% higher at 46.10 pesos.
In Australia, Euroz Hartleys analyst Declan Bonnick said Amplitude Energy recorded a “very strong operational quarter” in the first quarter, with quarterly output of 7.51 petajoules equivalent, a company record. Revenue of A$83.3 million was up 18% on the quarter. Amplitude’s net debt at the end of September was A$31.1 million, down A$6.7 million from the June quarter, achieved “despite significant capex,” Bonnick wrote. The stock was shaping for a 4.7% rise at the Monday open to A$1.89.