United States President Donald Trump has announced plans to waive certain oil-related sanctions in a move aimed at calming global energy markets already shaken by the ongoing conflict involving Iran.
According to reports by Reuters and other international outlets, the decision comes as the war between the US-Israel alliance and Iran continues to disrupt global oil supplies, triggering sharp volatility in crude prices and financial markets.
Speaking to reporters after discussions with Russian President Vladimir Putin, Trump said Washington was considering lifting some sanctions on oil-producing countries to boost supply and reduce soaring fuel prices.
“We’re waiving certain oil-related sanctions to reduce prices… we’re going to take those sanctions off until this straightens out,” Trump said.
Global energy markets have been on edge since military strikes and retaliatory attacks in the Middle East disrupted shipments through the strategic Strait of Hormuz, a vital route that carries nearly one-fifth of the world’s oil supply. The uncertainty sent crude prices surging to nearly $120 per barrel before later falling as investors reacted to Trump’s comments suggesting the conflict could soon ease.
While the White House has not disclosed which countries could benefit from the sanctions relief, analysts say easing restrictions on major producers could temporarily increase supply and help stabilize prices.
However, experts warn the move could also create geopolitical complications, especially if sanctions on Russian oil exports are relaxed, as Western governments continue efforts to limit Moscow’s energy revenues amid its prolonged war in Ukraine.
Despite the market turbulence, Trump has downplayed the economic impact of the crisis, insisting that the spike in energy prices is only temporary and necessary to achieve long-term stability in the region.
The development marks another dramatic turn in the global energy crisis, with governments and investors closely watching Washington’s next move as tensions in the Middle East continue to influence oil markets worldwide.
