WTI crude oil futures have fallen sharply after the US President signed an executive order waiving some sanctions and tariffs on Russia. This move is expected to allow more Russian fuel, particularly diesel, to enter the global market, easing supply concerns that had recently pushed prices to multi-month highs. The potential for increased supply from Russia is currently overshadowing the ongoing geopolitical risks and shipping disruptions in the Middle East, which had previously been a primary driver of price increases.