US President Donald Trump announced on Monday evening that his administration is considering easing sanctions on certain oil-producing countries to help stabilise rising crude oil prices triggered by the ongoing war in Iran.
Speaking late on Monday at his Miami golf course, Trump said, “So, we have sanctions on some countries. We’re going to take those sanctions off until this straightens out.”
He added, “Then, who knows, maybe we won’t have to put them on— there’ll be so much peace.”
Trump did not specify which countries would benefit from the potential relief.
Currently, only three nations — Russia, Iran, and Venezuela — face severe US sanctions impacting their oil sectors.
The announcement came amid mounting pressure from opposition Congress members following crude oil briefly touching $120 a barrel before retreating.
US Treasury Secretary Scott Bessent had already indicated last week that sanctions on Russian oil exports to India had been temporarily lifted for a 30-day window.
Following Trump’s comments, crude oil prices continued their decline, with Brent crude trading around $84 a barrel as of 02:00 GMT on Tuesday.
Energy experts warn that if the Strait of Hormuz remains effectively closed for several more days, prices could surge beyond $150 or even $200 a barrel.
Trump reiterated his expectation that the war would end soon, while simultaneously threatening continued attacks on Iran until its resistance is “completely decimated”.
His remarks followed a statement earlier in the day from a Republican lawmaker claiming that the US had “already won in many ways but not enough.”
