US president says sanctions will be removed until crisis sparked by US-Israel war on Iran eases, without giving further details. What we know on day 1,475
Following a phone call with Vladimir Putin, Donald Trump said the US will waive oil-related sanctions on “some countries” to ease the shortage sparked by the US-Israeli war on Iran. Trump told reporters in Florida on Monday: “So we have sanctions on some countries. We’re going to take those sanctions off until the strait [of Hormuz] is up.” He declined to provide further details. The move could mean a further easing of sanctions on Russian oil, Reuters reported, according to multiple sources, which in turn could complicate efforts to punish Moscow for its war in Ukraine. Other options to calm the market include a possible release of oil from strategic reserves or restricting US exports, sources said. Last week the US issued a temporary waiver allowing India to purchase certain Russian oil cargoes to help it cope with the loss of Middle Eastern supply. With the strait of Hormuz blocked to nearly all oil tankers, the price of benchmark crude oil contracts rocketed past $100 a barrel on Monday – their highest levels since Russia’s invasion of Ukraine in 2022 – before pulling back. A previously announced White House plan to provide naval escorts and backstop insurance for tankers travelling through the strait has so far has failed to significantly boost shipping traffic through the vital waterway.
