Oil prices fell by more than 2% on Monday after reaching a five-month high in the previous session, as investors took profits following US President Donald Trump’s decision to waive key sanctions and tariffs on Russia, raising the prospect of increased fuel supplies.

Brent crude futures dropped $2.29, or 2.08%, to $107.57 a barrel by 9:19 a.m. Saudi time. The benchmark had settled at its highest level since May 19 on Friday.

US West Texas Intermediate crude fell $1.95, or 1.92%, to $99.46 a barrel after closing at its highest level since September 17 in the previous session.

Trump signed an executive order on Friday waiving key sanctions and tariffs under the Graham Act, which he signed into law last month following pressure from lawmakers seeking to increase pressure on Moscow over its war in Ukraine.

However, US Secretary of State Marco Rubio said Trump would take up to 60 days to assess the measures’ impact on the global economy, adding uncertainty over how long the waivers would remain in effect.

“Trump’s move looks like another desperate attempt to keep oil prices in check ahead of the US midterm elections,” said Priyanka Sachdeva, head of market insight at Phillip Nova. She added that the decision did little to address physical supply disruptions in the Strait of Hormuz, where attacks on oil tankers continue.

Tim Waterer, chief analyst at KCM Trade, said the waiver could lead to higher Russian fuel exports, but mixed signals from Washington had left traders uncertain.

“Until the details and duration are clearer, the market is unlikely to fully price in a sustained increase in supply,” Waterer said.

The move follows a deal between Trump and Russian President Vladimir Putin to export diesel to the United States and other countries. Shipments are expected to start at around 2.3 million barrels this month before rising to approximately 7.6 million barrels a month. Ukrainian President Volodymyr Zelenskiy has warned that US actions would harm Ukraine.

Middle East Disruptions Tighten Oil Supplies

Brent briefly reached $110 a barrel on Friday for the first time since May, as escalating tensions and attacks on commercial vessels in the Middle East raised concerns about shipping security and global energy supplies.

According to analytics firm Kpler, Gulf crude flows fell to around 8.5 million barrels per day on a seven-day average last week, down from more than 20 million barrels per day the previous week. The firm reported at least 10 confirmed incidents involving commercial vessels during the week.

Egypt also said it was ready to provide Saudi Arabia with the support needed to defend its security and stability against Yemen’s Iran-aligned Houthis.

DBS expects oil prices to remain between $100 and $110 a barrel ahead of the US midterm elections, with regional tensions likely to keep fuel costs a concern for American voters.

Suvro Sarkar, DBS’s head of energy research, said Trump’s measures, including the Russian sanctions waivers, were short-term responses that would have little lasting impact on the underlying supply situation.

Around 46 million people aged 16 and over across the European Union cannot afford to take part regularly in leisure activities, with Greece recording the highest proportion and Croatia the lowest, according to figures published by Eurostat.

In 2025, an average of 12.1 per cent of people across the EU said financial constraints prevented them from regularly enjoying activities such as sports, cinema visits and concerts. The proportion ranged from 3.9 per cent in Croatia to 27.3 per cent in Greece.

The figures highlight significant differences in access to leisure across Europe, including between countries with comparable income levels. Researchers have linked participation in social and leisure activities to better mental well-being and fewer symptoms of depression and anxiety.

Greece had the highest rate of people unable to afford regular leisure activities, followed by Romania at 23.3 per cent. Lithuania recorded 17.9 per cent, Latvia 16.2 per cent, North Macedonia 15.9 per cent and Hungary 15.8 per cent.

France and Spain were also above the EU average, with 13.9 per cent and 13.4 per cent respectively reporting that costs prevented regular participation. Switzerland recorded 13 per cent.

Germany was slightly below the EU average at 11.7 per cent, while Italy recorded 10.7 per cent. Other countries with relatively low rates included Czechia at 4.1 per cent, Luxembourg at 5.4 per cent, Norway and Slovakia at 5.7 per cent each.

The figures stood at 6.7 per cent in the Netherlands, 8.7 per cent in Portugal and Turkey, 9.2 per cent in Ireland and 9.7 per cent in Belgium.

Women face greater financial barriers

Women were generally more likely than men to report that they could not afford regular leisure activities. Across the EU, the figure was 13 per cent for women, compared with 11.1 per cent for men. Malta was the only exception, with a difference of just 0.1 percentage point.

The gender gap was particularly pronounced in Lithuania, where the difference reached 5.1 percentage points. Romania recorded a gap of 4.7 points, followed by Denmark at 3.9 points and France at 3.7 points.

Income does not explain the whole gap

An analysis by Euronews Business covering 33 European countries found a moderate relationship between median income and the affordability of leisure. Income differences accounted for less than one-fifth of the variation between countries.

Czechia, Estonia, Latvia and Lithuania had similar median incomes, ranging from 17,097 to 17,190 purchasing power standards. However, the share unable to afford regular leisure activities varied substantially, from 4.1 per cent in Czechia to 17.9 per cent in Lithuania.

France and Cyprus also had almost identical median incomes, yet France’s rate of financial exclusion from leisure activities was more than twice Cyprus’s 6.3 per cent.

Greece recorded a rate of 27.3 per cent despite a median income of 13,612 purchasing power standards. Croatia, Czechia and Slovakia had some of the lowest rates even though their incomes were below the EU median of 22,638.

Eurostat also found that people living below the poverty line were more than three times as likely to miss out on regular leisure activities as those above it, with 29 per cent unable to afford participation.

The figures suggest that access to leisure depends on more than national income alone. Eurostat defines these activities as pursuits outside the home, including sports, cinema visits and concerts, which may involve entrance fees, travel expenses, equipment or membership costs.

French businesses began assessing extensive damage on Sunday after cost-of-living protests descended into violence and widespread looting across the country, leaving shops vandalised, streets littered with broken glass and hundreds of workers facing disruption.

Authorities reported looting in major cities including Paris, Lyon, Marseille, Bordeaux, Rennes, Strasbourg, Grenoble, Nice and Limoges. Targets included supermarket chains Carrefour, Franprix and Monoprix, as well as luxury boutiques, bars and vape shops.

Groups of masked individuals, many dressed in black, smashed shop windows and forced open metal shutters before taking goods from shelves. In Paris, residents emerging from their homes on Sunday encountered debris and damaged storefronts following Saturday’s unrest.

Alexandre Bompard, chairman and chief executive of Carrefour Group, said 50 of the company’s stores had been targeted, including 19 Carrefour convenience stores and supermarkets. The affected premises included locations in Paris, Rennes, Lille and Bordeaux.

Bompard also expressed solidarity with retailers across the country, saying around 1,500 shops belonging to other chains and independent businesses had suffered similar violence.

He warned that the destruction would have serious economic and human consequences. Repair costs for Carrefour’s affected premises alone were expected to exceed €10 million, while dozens of employees working for franchise partners could be placed on reduced working hours.

For independent shopkeepers, the damage threatened livelihoods built over years of work. One business owner near Place de la République in Paris told the French media outlet Brut that he had invested all his savings in his shop and feared he had lost everything.

“I don’t know how I’ll get by or how I’ll live with my family,” he said. A neighbour subsequently organised a fundraising effort to help him rebuild his business.

Paris Mayor Emmanuel Grégoire pledged support for businesses affected in the capital and requested an emergency task force to assist shopkeepers whose premises had been vandalised.

The proposed team will assess damage, help businesses navigate administrative procedures and provide assistance with insurance claims, Grégoire said.

The unrest also affected journalists covering the demonstrations. A Euronews reporting crew was assaulted near Place de la République on Saturday while documenting the looting of an Intermarché Express supermarket.

Paris correspondent Estelle Nilsson-Julien said masked individuals confronted the crew after noticing they were filming. The attackers allegedly punched the cameraman, pushed him against a wall and attempted to seize his microphone. Nilsson-Julien said she was also struck during the incident.

Elsewhere in Paris, a separate march along Boulevard de Clichy towards Place de Clichy remained peaceful, according to another Euronews journalist.

French Interior Minister Laurent Nuñez said on Sunday that more than 600 police officers, gendarmes and firefighters had been injured during Saturday’s unrest. Authorities had arrested more than 2,000 people as officials faced mounting pressure to restore order and support affected businesses.