Donald Trump to lift ban on Russian oil as chaos in markets escalates amid US-Iran war? US President gives major hints

Donald Trump is planning to ease the sanctions on Russian oil in order to curb the rise in crude oil prices, and he may temporarily lift the Russian oil ban.

New Delhi: The ongoing war between the United States and Israel against Iran has heightened tensions across the globe. Panic has grabbed around the world over the crude oil supplies. Major oil-producing countries such as Qatar, Kuwait, and Iraq have now decided to cut production, increasing the concerns. Iran’s move to create disruptions in the Strait of Hormuz has further intensified the situation. US President Donald Trump, on the other hand, has given strong indications about preventing an oil shortage, saying that he is removing sanctions imposed on some countries. This has also triggered discussions about whether the US might lift the ban imposed on Russian oil.

Efforts to curb rising oil prices

As per the report published in Business Today, Donald Trump is planning to ease the sanctions on Russian oil in order to curb the rise in crude oil prices, and he may temporarily lift the Russian oil ban. The report states that the Trump administration is considering relaxing restrictions on Russian oil to prevent a sharp surge in global energy prices caused by the US-Israel war with Iran.

“There will be no shortage of oil in the world”

Donald Trump, while speaking to journalists in Florida, said that his administration is making efforts to stabilize the oil market and, as part of these efforts, is lifting sanctions imposed on some countries. He said that the US had imposed sanctions on certain countries, but these are being lifted until peace is restored in the Strait of Hormuz. The aim of this step is to boost global oil supply amid disruptions caused by the Middle East war. According to Trump, his administration will not allow the world to face an oil shortage.

All You Need To Know: Latest Updates

Iran and the United States have issued warnings to each other regarding the next phase of the conflict.
Iran has carried out several attacks in the Gulf region
Iran has targeted a petroleum complex in Al Ma’ameer, Bahrain.
Iran’s Revolutionary Guards (IRGC) said that they will determine the end of the war.
US President Donald Trump, on the other hand, said that Iran now has almost nothing left from a military standpoint.
He stated that the Iranian navy has been destroyed and that everything is lying at the bottom of the sea.

Oil prices slipped after Trump’s signals

It is important to note that during the previous trading day, Brent crude prices had surged by more than 25 percent, crossing $100 per barrel for the first time since 2022. Prices had climbed to over USD 115 per barrel. However, after Trump’s statement regarding the Iran war, crude oil suddenly saw a sharp decline and dropped to around USD 91 per barrel.

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