Accra:Oil prices experienced a decline on Monday following the decision by U.S. President Donald Trump to exempt Russia from certain sanctions and tariffs. This exemption could potentially lead to an increase in Russian fuel exports, impacting global oil dynamics.

According to National Iraqi News Agency, Brent crude futures fell by $1.94, or 1.77%, reaching $107.92 per barrel by 0227 GMT. This drop followed a Friday close at the highest level since May 19.

U.S. West Texas Intermediate (WTI) crude also saw a decrease, standing at $100.58 per barrel. This was a reduction of 83 cents, or 0.82%, after it had reached its highest level since September 17 on Friday.

On the previous Friday, Brent crude had briefly touched $110 per barrel for the first time since May. This increase was driven by heightened tensions and security concerns in the Middle East, which raised fears about the safety of maritime navigation and the global energy supply.