Crude Oil Daily Brief
Monday, May 18, 2026
WTI closed at $101.56/bbl and Brent at $106.11/bbl amid reports of US issuing new Russia oil waiver as Iran supply constraints tighten.
Headline
WTI front
USD 101.56/bbl
Brent front
USD 106.11/bbl
Brent–WTI
+4.55
Sessions
Asia · Asia
Mixed trading
India indicated continued Russian oil buying regardless of US sanctions waivers.
Europe · ICE
Brent USD 106.11/bbl
Reports of no tankers loading at Iran's Kharg Island signaled US blockade impact.
US · NYMEX
WTI USD 101.56/bbl
US to issue new Russia oil waiver amid Iran supply disruptions supported prices.
Commentary
Supply disruption dynamics shift as waivers expire
neutralThe US is reportedly preparing to issue new Russia oil waivers as Iran's Kharg Island shows no loading activity, indicating US blockade effectiveness. Trump allowed Russian oil waiver to expire while Brazil's record oil production comes at a crucial moment for global markets. India's refiners are positioned to ride out disruptions after Russian waiver ends, with officials stating continued Russian oil purchases irrespective of US sanctions.
News
The US plans to issue new Russia oil waiver as Iran war crunches supplies.
Why it matters: Affects crude availability and routing decisions for refiners sourcing Russian barrels.
Iran's Kharg Island has no tankers loading in sign US blockade is biting.
Why it matters: Kharg Island disruption removes significant crude export capacity from global markets.
Trump allows Russian oil waiver to expire.
Why it matters: Waiver expiration changes compliance requirements for traders handling Russian crude.
India buying Russian oil irrespective of US sanctions waivers, Indian official says.
Why it matters: Indicates continued demand for Russian barrels regardless of sanctions framework changes.
Brazil's record oil production comes at a crucial moment for global markets.
Why it matters: Additional Brazilian supply could offset disruptions from sanctioned producers.