Oil prices fell early Monday as traders weighed the chance of more Russian supply after President Donald Trump waived sanctions and duties under a new US law on Russia, Reuters and CNBC reported.

Brent crude, the global benchmark, fell 1.8% to $107.83 a barrel, Reuters reported. CNBC reported that Brent fell 1.8% to $107.88. Later in the morning, Bloomberg reported that Brent was down 2.4% at $107.26. US crude fell to about $100 a barrel, Reuters and CNBC reported.

The drop followed President Donald Trump's decision to waive some sanctions on Russia, Reuters reported. CNBC described it as US sanctions relief on Friday.

In an order dated Friday, October 16, Trump waived the duties and sanctions in the Lindsey O. Graham Sanctioning Russia and Iran Act, which he signed in September, the White House said. The order says it does not change Russia sanctions already in place under earlier executive orders, and the waivers stay in effect until the administration decides further action is needed. Reuters reported that Trump later said a final decision had not been made, and that Secretary of State Marco Rubio said the president would take up to 60 days to assess the economic impact.

Supply worries have not gone away. Iran has stepped up attacks on tankers in the Persian Gulf, the Strait of Hormuz and the Gulf of Oman, CNBC reported. Iran reported that another tanker had hit a mine in the Strait of Hormuz, Reuters reported. Two tankers were attacked off Saudi Arabia on Friday, according to the UK Maritime Trade Operations Centre, CNBC reported.

In Russia, fires broke out at an oil terminal and depot in St. Petersburg after a wave of Ukrainian drone strikes on Sunday, the city's governor said, CNBC reported. The terminal exports about 120,000 barrels a day of refined products, mostly fuel oil, according to Kpler data, CNBC reported.

Lower oil prices gave some support to bonds and US stock futures, Reuters reported. Reuters also reported that shipping and insurance costs kept prices for oil delivered right away much higher.

What we know: Brent fell about 2% early Monday after Trump waived sanctions and duties under a new Russia sanctions law.
What we don't: Whether the waivers will stay in place and how much more Russian oil would reach the market.