The U.S. is ready to temporarily ease oil sanctions to bring down prices

U.S. President Donald Trump said Washington may temporarily lift some sanctions related to oil exports in order to stabilize the global market amid the war with Iran. According to him, the main goal is to stop the rise in energy prices, which he believes have been artificially driven up by the conflict.

Against this backdrop, U.S. Treasury Secretary Scott Bessent earlier said the administration had already allowed India, for 30 days, to purchase Russian oil that was already in transit. In addition, Washington is considering the possibility of partially easing restrictions on other volumes of Russian oil in order to increase supply on the global market.

The statements came after a sharp jump in oil prices. In early March, the price of U.S. benchmark WTI crude rose to nearly $115 per barrel, but later fell to about $90 after Trump said the war with Iran might be nearing its end.

Trump also confirmed a phone call with Vladimir Putin on March 9. According to him, the two sides discussed both the war in Ukraine and the situation in the Middle East. The U.S. president added that after the conflict with Iran ends, the need for some oil sanctions could disappear altogether.