According to market reports, Brent crude futures fell by around one per cent to $108.80 per barrel at the start of trading in Asia.
The decline followed a rise in oil prices on Friday, when crude futures closed at their highest level since May 19.
Trump signed the executive order on Friday, removing several proposed measures that were due to take effect within days. These included tariffs on Russian products and penalties related to purchases of Russian oil and gas.
The US president said the decision to withdraw the proposed restrictions on Russian exports was intended to keep Moscow engaged in negotiations.
Oil markets have remained sensitive to geopolitical developments, including tensions affecting energy supplies and shipping routes. The latest price movement reflects a modest pullback following Friday’s gains, although market conditions remain subject to changes in global supply, demand and international relations.