"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."
"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."
Crude oil prices experienced extreme volatility, surging to nearly $120 per barrel before plummeting below $90 within 24 hours. President Trump announced his administration would remove sanctions on certain oil-producing nations to stabilize energy prices amid US-Israel military actions against Iran. Trump did not identify specific countries but indicated sanctions relief would continue until the situation stabilizes. The US currently maintains sanctions on Russia, Iran, and Venezuela's oil sectors. Treasury Secretary Scott Bessent previously announced a 30-day waiver on Russian oil sanctions to India. Global energy markets remain volatile due to Iranian threats to the Strait of Hormuz, through which approximately one-fifth of global oil supply transits, combined with Israeli strikes on Iranian oil infrastructure.
Read at www.aljazeera.com
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