U.S. President Donald Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices amid the
U.S. President Donald Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices amid the Iran conflict, according to multiple sources.
The deliberations reflect White House worries that the surge in oil prices following more than a week of U.S. and Israeli strikes on Iran will hurt U.S. businesses and consumers ahead of the November midterm elections, when Trump's fellow Republicans hope to retain control of Congress.
Trump told reporters in Florida on Monday that his administration was lifting sanctions on some countries as part of efforts to stabilize the oil market, but declined to provide details.
"So we have sanctions on some countries. We're going to take those sanctions off until the Strait is up," he said.
Easing sanctions on Russia would potentially boost world supplies of oil at a time of massive disruptions to Middle East shipments from the expanding Iran conflict. But it could also complicate U.S. efforts to deprive Russia of revenue for its war in Ukraine.
Trump added later in the press conference that he had a "very good call" with Russian President Vladimir Putin about the war
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