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Trump announced the temporary suspension of oil sanctions to stabilize prices and ensure crude oil flow in key areas like the Gulf. The restrictions will be lifted “until the situation is resolved,” suggesting they may not be reinstated. This move aims to control price increases following the war in Iran. The U.S. Is also considering lifting sanctions on Russian crude.

U.S. President Donald Trump announced Monday that certain oil sanctions will be temporarily suspended to stabilize prices and ensure crude oil flow through strategic zones.

“Certain oil sanctions will be lifted temporarily to stabilize prices and ensure the flow of crude through strategic areas such as the Gulf,” the U.S. President stated during a press conference in Doral, Florida.

The President indicated that the sanctions would remain lifted “until the situation is resolved” and added that if stability is achieved, “we may not have to reimpose them,” leaving open the possibility that some of these restrictions may not be implemented in the future.

Last week, Treasury Secretary Scott Bessent told Fox Business that the government was considering removing sanctions on Russian crude to improve global supply and control sharp increases following the start of the war.

Previously, the Treasury announced that it would allow India to negotiate, for 30 days, with Russian crude stranded at sea.

Since the attacks on Iran began more than a week ago, benchmark crude oil barrels in Europe have risen around 30% and supply to countries in East Asia, which rely primarily on imported oil from the Middle East, is already being seriously compromised.