Trump: US to partially lift oil sanctions to ease energy costs

US President Donald Trump has announced that his country is partially lifting sanctions related to oil trade in order to curb a sharp rise in energy prices amid the hostilities involving Iran.

Source: Trump speaking to journalists

Quote: "We're also waiving certain oil related sanctions to reduce prices. So we have sanctions on some countries. We're going to take those sanctions off till this straightens out."

Details: Trump added that the sanctions might not be reinstated.

Quote: "Then who knows, maybe we won't have to put them on."

Background:

• US Treasury Secretary Scott Bessent said the administration is considering lifting sanctions on Russian oil to increase supply on the global market and avoid shortages.
• Global energy markets have been under pressure since 28 February, when Iran, in response to strikes by the US and Israel, attacked several countries in the Middle East and blocked the Strait of Hormuz.
• On 2 March, the price of Brent crude jumped 13% to over US$82 per barrel, with markets preparing for potential supply disruptions.
• By 6 March, oil prices had surged past US$90 a barrel after Qatar's energy minister warned that all oil and gas exporters in the Gulf could halt production within days.

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