Trump considers easing Russian sanctions to stabilise oil market

US President Donald Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of measures aimed at curbing surging global oil prices amid the ongoing conflict with Iran.

According to multiple reports, the discussions reflect growing concern in the White House that the sharp rise in oil prices, following more than a week of US and Israeli strikes on Iran, could negatively impact American businesses and consumers ahead of the November midterm elections.

Speaking to reporters in Florida on 9 March, Trump said his administration was lifting sanctions on some countries in an effort to help stabilise the oil market, although he did not provide further details. During the same press conference, he also said he had a “very good call” with Russian President Vladimir Putin regarding the war in Ukraine.

The US and Israeli attacks on Iran have triggered the biggest jump in oil prices since the market turmoil that followed Russia’s invasion of Ukraine in 2022, as Gulf producers cut output after the closure of the Strait of Hormuz.

source : safety4sea