Trump says some sanctions on oil producers will be lifted amid Iran war | US-Israel war over Iran news

Crude oil prices fell below $90 a barrel after earlier rising to around $120 in 24 hours.

United States President Donald Trump has said his administration will lift some sanctions on oil-producing nations to lower energy prices amid the US and Israel’s war on Iran.

Trump made the comments Monday after a rollercoaster 24 hours, with crude oil prices rising to nearly $120 a barrel before falling below $90.

“So, we have sanctions on certain countries. We’re going to lift those sanctions until it’s straightened out,” Trump said at a news conference at his golf club in Miami, Florida.

“Then, who knows, maybe we won’t have to put them up – there will be so much peace,” he said.

Trump did not specify which countries would be subject to sanctions relief. Washington currently maintains sanctions on the oil sectors of Russia, Iran and Venezuela.

Reuters news agency reported on Monday, citing multiple unnamed sources, that Trump is considering easing sanctions on Russia as part of his plans to lower oil prices.

US Treasury Secretary Scott Besant last week announced a 30-day waiver on restrictions on Russian oil sales to India amid concerns about mounting pressure on global supplies.

Brent crude was around $84 a barrel by 02:00 GMT on Tuesday, as crude oil prices continued their retreat after Trump’s comments.

Global energy markets have been on tenterhooks since the US and Israel launched joint strikes on Iran on February 28, with crude prices rising 50 percent compared to before the conflict.

Iranian threats have effectively closed the Strait of Hormuz, through which one-fifth of global oil shipments pass, forcing major Gulf region producers to cut output amid a supply backlog as shipping has largely ground to a halt.

Global energy supplies have been threatened by Israeli attacks on Iranian oil facilities and drone attacks widely blamed on Iran on oil and gas infrastructure in US allies in the region, including Qatar, Saudi Arabia and Kuwait.

Analysts have speculated that oil prices could rise to $150 or $200 a barrel if the strait remains effectively closed for an extended period of time.

“I would say it is possible for prices to reach new all-time highs in the coming weeks, but this is contingent on the Strait of Hormuz being closed in the coming weeks,” Homayun Falaksahi, head of crude oil analysis at global trade intelligence firm Kpler, told Al Jazeera.

“If the strait is closed till April, then prices may continue to jump,” Falakshahi said.

Trump, who campaigned on ending US wars “forever” in his 2024 election bid, on Monday gave conflicting signals about how long the war on Iran might last.

At his news conference, Trump said he expected the war to end “soon,” but that attacks on Iran would not stop until the “enemy was completely and decisively defeated.”

Trump’s remarks came shortly after he told Republican lawmakers he had “already won in many ways, but we haven’t won enough.”

Earlier Monday, Trump told CBS News in an interview that the war is “pretty much done, pretty much” and that his military operation is “way ahead of schedule.”