By Micah Jonah, March 10, 2026
United States President, Donald Trump has said his administration may lift certain sanctions on oil producing countries in an effort to stabilize global energy prices during the ongoing conflict involving Iran.
Trump made the remarks after a volatile period in the oil market that saw crude prices surge close to 120 dollars per barrel before dropping below 90 dollars within 24 hours.
Speaking at a news conference in Florida, Trump said the temporary removal of some sanctions could help increase global oil supply, reduce pressure on energy markets.
“We have sanctions on some countries. We are going to take those sanctions off until this straightens out,” Trump said, without specifying which countries could benefit from the relief.
The United States currently maintains sanctions affecting the oil sectors of several countries including Russia, Iran and Venezuela. Reports indicate the administration has considered easing restrictions on Russian oil sales as part of efforts to prevent further supply shortages.
Oil markets have been under pressure since the United States and Israel launched joint strikes on Iran on February 28, triggering fears of disruptions to global supply. Prices had risen sharply as tensions escalated in the Middle East.
Concerns have intensified following threats affecting shipping through the Strait of Hormuz, a critical route for global oil exports through which roughly one fifth of the world’s oil supply passes. Disruptions in the strait have forced some Gulf producers to reduce output while shipments remain delayed.
Analysts warn that if the situation continues, oil prices could rise significantly in the coming weeks, particularly if shipping through the strait remains restricted.
Trump has suggested the conflict could end soon but also indicated that military operations would continue until the objectives of the campaign are achieved.
