Trump: Will temporarily lift some sanctions to stabilize oil prices; the Iran conflict will end "soon"

As the Iran-U.S. conflict disrupts shipping through the Strait of Hormuz and severely impacts the global energy market, U.S. President Donald Trump announced on Monday that sanctions related to oil will be temporarily waived to stabilize oil prices.

According to reports from CCTV International and other media outlets, on the afternoon of March 9th, Eastern Time, Trump held a press conference at a golf club in Miami, Florida, stating that the United States is temporarily exempting some oil-related sanctions to ensure sufficient oil supply and lower prices.

Trump said, “We have imposed sanctions on some countries. We will temporarily waive these sanctions until the Strait of Hormuz returns to normal.”

He did not provide detailed explanations, but it is understood that the U.S. issued a 30-day temporary exemption last week, allowing Russian oil currently stranded at sea to be sold to India to ease pressure on the global oil market.

Earlier Monday, there were reports that the White House was considering further easing sanctions on Russia.

During the press conference, Trump also stated that the increase in oil prices has not reached the level he previously feared.

Recently, Trump has repeatedly tried to reassure investors worried about soaring oil prices. He said that the rise in oil prices is temporary and will quickly fall back after the conflict ends. High oil prices are a price worth paying for peace and security for the U.S. and the world.

The Iran conflict will end “soon”

Regarding when the war will end, Trump said at the press conference that the conflict with Iran will end “soon,” but “not” this week.

This was the second time Trump mentioned a timeline for the Iran conflict that day. Earlier in the morning, during a phone interview, Trump told reporters that the war might end very soon.

“I think this war is basically over, more or less. They no longer have a navy, communication systems, or air force. Their missiles have been shot down in bits and pieces. Their drones have been destroyed everywhere, including drone manufacturing facilities,” Trump said.

The day before (the 8th), Trump told Israeli media that a final decision to end military operations against Iran would be made at an “appropriate time.”

On Monday, international oil prices experienced intense fluctuations, resembling a roller coaster. Due to increased production cuts by more Middle Eastern oil producers, supply risks intensified, causing oil prices to surge sharply in the early trading session, with Brent crude oil soaring by as much as 30%, reaching about $120 per barrel.

However, after reports that G7 nations would meet that evening to discuss jointly releasing emergency oil reserves, the price gains quickly narrowed. Trump’s statement that the Iran-U.S. conflict would end “soon” also helped ease panic. Nonetheless, Brent crude still closed nearly 7% higher for the day.

(Source: Cailian Press)