Oil prices fell on Tuesday as investors weighed prospects of more Russian energy reaching global markets, with Brent down 1.48% to $105.05 a barrel and WTI down 1.57% to $92.27. President Donald Trump defended a temporary six-month easing of restrictions on Russian diesel supplies despite bipartisan criticism that it could undermine sanctions over the war in Ukraine. Goldman Sachs said an extra 800,000 metric tons of Russian diesel would lower wholesale diesel prices in the U.S. Gulf Coast and Europe by only $1 to $2 a barrel, as global diesel markets remain tight, with U.S. inventories down 14% and visible Chinese stocks down 11% year on year. Losses were limited by concerns over the Saudi-Houthi conflict, after a Houthi attack on Riyadh's King Khalid International Airport on Saturday left 12 people dead and more than 300 injured.
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