CNBC_ Oil prices rose during Monday's trading session after declining in the morning, while focus remained on the potential impact of the ongoing wars in the Middle East and Ukraine on global oil supply and demand balance.
Brent crude futures rose 32 cents, or 0.32%, to $110.22 a barrel, after settling on Friday at its highest level since May 19.
U.S. West Texas Intermediate crude stood at $103.09 a barrel, up $1.77, or 1.75%, after reaching its highest level since September 17 upon Friday's settlement.
U.S. President Donald Trump signed an executive order on Friday exempting key sanctions and tariffs under the legislation known as the Graham Act, which he signed last month at the request of lawmakers wanting to increase pressure on Moscow over its war in Ukraine.
The move came after Trump struck a deal with Russian President Vladimir Putin to export diesel to the United States and other countries, with volumes starting at about 2.3 million barrels this month before rising to about 7.6 million barrels a month, according to Trump's announcement. Ukrainian President Volodymyr Zelenskyy said the U.S. measures would harm Ukraine.
However, U.S. Secretary of State Marco Rubio said the president would use a period of up to 60 days to assess the economic impact of the sanctions and tariffs on the global economy.
Tim Waterer, market analyst at KCM Trade, said in a note cited by Reuters: "The combination of a softer tone on sanctions and some profit-taking after recent gains is helping to curb the short-term upward trend."
He added that the U.S. waiver of sanctions on Russia could lead to an increase in Russian fuel exports, but the mixed messaging has created uncertainty.
On the Iranian file, Iranian Foreign Minister Abbas Araghchi stated on Sunday that Iran's proposal to reopen the Strait of Hormuz within seven days remains on the table, amid the ongoing dispute between Tehran and Washington over the terms for ending the eight-month-old war.
Iran had presented this plan in September following the collapse of a temporary ceasefire.
Speaking from Baghdad, Araghchi said: "Our position is clear and based on the seven-day proposal submitted to the United States," according to CNBC.
He added: "They have provided comments which we are currently reviewing, but our proposal remains on the table. And if there is any credibility from the American side, which in reality does not exist, the path to reopening the Strait of Hormuz is completely clear."
