President Trump lifted oil sanctions on several countries in an effort to cool down energy prices.
US President Donald Trump announced the decision to lift sanctions against several countries related to oil supply aimed at controlling prices.
According to RIA Novosti on March 10, in a decisive move to control the global energy market, US President Donald Trump announced his decision to lift oil-related sanctions against several countries. The core objective of this strategy is to quickly bring down oil prices, which are at alarming levels.
Speaking to the media, Trump affirmed: "We are in the process of lifting a number of sanctions on oil to lower prices. Currently, we are imposing sanctions on a number of countries, and we will lift them once the market situation stabilizes."
Although he did not explicitly name the countries that would benefit from this decision, the White House emphasized that the recent surge in oil prices was "man-made." Notably, Trump also left open the possibility that the US might never reimpose these sanctions once the goal of stabilizing prices is achieved.
Besides economic policy decisions, President Trump also praised his March 9th phone call with Russian President Vladimir Putin. The American leader described the dialogue on the Ukraine issue as having taken a "positive" direction, and acknowledged Russia's goodwill in supporting the resolution of conflicts in the Middle East.
The global energy market has witnessed extreme volatility in recent trading sessions. On March 9th, world oil prices surged above $119 per barrel, the highest level since mid-June 2022, due to concerns about escalating conflict in the Middle East.
Immediately after Trump's announcement about ending the military campaign in Iran soon, oil prices corrected sharply, falling back to around $90 per barrel.
According to Reuters, the Trump administration isn't stopping there. Washington is now considering further easing sanctions on Russia's oil sector. This is seen as a pragmatic move by the White House: prioritizing lower domestic fuel prices and global economic stability over maintaining rigid sanctions.
