Trump Sanctions Relief Plan Sends Oil Prices Lower

Oil prices dipped briefly after it was reported that President Trump supports a plan to exchange the release of political prisoners for sanctions relief.

The initiative, led by Trump's envoy John Coale, is still in its early stages and has been supported by Trump for several months.

Russia is one of the world's largest oil producers and exporters, and any credible prospect of easing restrictions on Russia could put more Russian crude onto global markets.

This is particularly relevant given current supply disruptions and the significant role that sanctions have played in altering global crude flows.