Trump says some sanctions to be lifted on oil producers amid Iran war

Crude oil prices plunge below $90 a barrel following an earlier surge to almost $120 in price swing over 24 hours.Published On 10 Mar 2026United States President Donald Trump has said his administration will lift some sanctions on oil-producing countries to keep energy prices down amid the US and Israel’s war on Iran.Trump made the comments on Monday after a rollercoaster 24 hours that saw crude oil prices soar to nearly $120 a barrel before dropping below $90.Recommended Stories list of 4 itemslist 1 of 4‘No middle ground’: Israelis back Iran war, despite taking mounting hitslist 2 of 4Where do the 35 million foreigners living in the GCC come from?list 3 of 4Trump says US-Israeli war on Iran will be over ‘very soon’list 4 of 4Iranians rally to welcome Mojtaba Khamenei as new supreme leaderend of list“So, we have sanctions on some countries. We’re going to take those sanctions off until this straightens 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 on – there’ll 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.The Reuters news agency, citing multiple unnamed sources, reported on Monday that Trump was considering easing sanctions on Russia as part of his plans to keep oil prices down.US Treasury Secretary Scott Bessent last week announced a 30-day waiver on sanctions on Russian oil sales to India amid concerns about growing pressure on global supplies.Crude oil prices continued their retreat after Trump’s comments, with Brent crude hovering at around $84 a barrel as of 02:00 GMT on Tuesday.Global energy markets have been on tenterhooks since the US and Israel launched joint strikes on Iran on February 28, with crude prices surging as much as 50 percent compared with before the conflict.Iranian threats have effectively closed the Strait of Hormuz, through which about one-fifth of the global oil supply transits, forcing major Gulf region producers to cut production amid an accumulating backlog of supply, as shipping has largely halted.