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Trump also hinted, that the sanctions on Russia being waived may not be put on again.
Global oil markets are under pressure as conflict involving Iran disrupts supply and drives prices sharply higher.
Amid growing concern about energy costs, the United States is weighing steps that could temporarily loosen sanctions tied to oil exports, Reuters reports.
Speaking at a news conference in Florida on March 9, U.S. President Donald Trump said the administration may ease some restrictions to help bring down fuel prices worldwide.
Stabilizing energy markets
“We’re … waiving certain oil-related sanctions to reduce prices,” Trump said during the briefing according to Reuters.
“So we have sanctions on some countries. We’re going to take those sanctions off until this straightens out.”
He added that the measures could remain temporary. “Then who knows, maybe we won’t have to put them on,” Trump said. “There’ll be so much peace.”
Trump did not identify which country could benefit from sanctions relief.
Russia under discussion
According to Reuters, U.S. officials have been examining whether sanctions on Russian oil could be eased as part of the effort to stabilize supply.
The report followed a move last week allowing India to temporarily purchase Russian crude already loaded on tankers at sea. The step was intended to offset disruptions linked to the escalating conflict in the Middle East.
The White House indicated that contingency planning around energy markets began before recent military developments involving Iran.
Policy still in place
“President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options,” White House spokesperson Taylor Rogers told Reuters.
The reference to Operation Epic Fury relates to joint U.S.-Israeli strikes targeting Iran.
Despite the temporary measures being discussed, officials say Washington’s broader sanctions framework remains intact. A day earlier, U.S. Energy Secretary Chris Wright said the United States does not intend to abandon its sanctions policy against Russia.
Sources: Reuters
