2 hours ago
Last Updated:March 10, 2026, 07:05 IST
Donald Trump said Washington may temporarily waive certain oil sanctions to help bring down energy prices amid the ongoing Iran conflict.
A file photo of Donald Trump (AP)
Donald Trump said the United States could temporarily waive certain oil-related sanctions in an effort to ease soaring global energy prices triggered by the ongoing conflict involving Iran and disruptions to key shipping routes in the Gulf.
Speaking about the situation, Trump said the administration was considering removing sanctions on some countries as a short-term measure until the crisis stabilises.
“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 until this straightens out," Trump said.
He suggested the move could remain temporary depending on how the geopolitical situation evolves.
“Then who knows, maybe we won’t have to put them on. There’ll be so much peace," he added.
Trump also said the United States and its allies were prepared to ensure the safety of commercial oil shipments moving through the Gulf if tensions escalate further.
“But when the time comes, the US Navy and its partners will escort tankers through the strait if needed. I hope it’s not going to be needed, but if it’s needed, we’ll escort them right through," he said.
His remarks come at a time when global energy markets have been rattled by the war involving Iran, sending oil prices sharply higher and increasing political pressure on the White House to stabilise fuel costs.
STRAIT OF HORMUZ DISRUPTION
According to AFP, one of the key drivers behind the spike in oil prices is the disruption to shipping through the strategic Strait of Hormuz, a narrow Gulf waterway through which roughly one-fifth of global crude oil supplies pass.
Sea traffic through the strait has slowed significantly since the conflict began on February 28, affecting energy markets worldwide and raising concerns about supply disruptions.
The rising prices are also becoming politically sensitive within the United States, particularly as voters face higher gasoline costs ahead of midterm elections later this year.
“The White House is in constant coordination with the relevant agencies on this important issue, as it is a top priority to the President," White House spokeswoman Taylor Rogers said in a statement to AFP.
She added that Trump’s energy team had developed a strategy to stabilise energy markets even before the military campaign known as “Operation Epic Fury" began.
SANCTIONS ON IRAN’S OIL NETWORK
The potential easing of sanctions comes even as Washington recently tightened economic pressure on Iran.
On February 25, three days before the war began, the US Treasury Department imposed sanctions on more than 30 individuals, entities and vessels accused of enabling Iran’s illicit petroleum sales and supporting its missile and weapons programmes.
The Treasury’s Office of Foreign Assets Control also targeted several networks that help Iran’s Islamic Revolutionary Guard Corps and its Ministry of Defence and Armed Forces Logistics secure machinery and precursor materials used in ballistic missile and weapons production.
The sanctions included measures against 12 so-called “shadow fleet" vessels and their owners or operators that the United States says transported hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products.
The shadow fleet refers to ships that carry oil under sanctions.
These vessels are typically older, have opaque ownership structures and often operate without the top-tier insurance coverage required to meet international shipping standards used by major oil companies and ports.
US Treasury Secretary Scott Bessent said Iran uses global financial systems to sell oil and finance military programmes.
“Iran exploits financial systems to sell illicit oil, launder the proceeds, procure components for its nuclear and conventional weapons programs, and support its terrorist proxies," Bessent said in a statement.
Iran has consistently said its nuclear activities are intended for civilian energy purposes.
A senior Iranian official told Reuters that Tehran and Washington remain divided over which sanctions should be lifted and when.
First Published:
March 10, 2026, 07:04 IST
News world 'We're Waiving Certain Oil-Related Sanctions': Trump As Energy Prices Surge Amid Iran War
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