Donald Trump said the United States could temporarily waive certain oil-related sanctions in an effort to ease soaring global energy prices triggered by the ongoing conflict involving Iran and disruptions to key shipping routes in the Gulf.
Speaking about the situation, Trump said the administration was considering removing sanctions on some countries as a short-term measure until the crisis stabilises.
“We’re also waiving certain oil-related sanctions to reduce prices. So we have sanctions on some countries. We’re going to take those sanctions off until this straightens out," Trump said.
He suggested the move could remain temporary depending on how the geopolitical situation evolves.
“Then who knows, maybe we won’t have to put them on. There’ll be so much peace," he added.
Trump also said the United States and its allies were prepared to ensure the safety of commercial oil shipments moving through the Gulf if tensions escalate further.
“But when the time comes, the US Navy and its partners will escort tankers through the strait if needed. I hope it’s not going to be needed, but if it’s needed, we’ll escort them right through," he said.
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His remarks come at a time when global energy markets have been rattled by the war involving Iran, sending oil prices sharply higher and increasing political pressure on the White House to stabilise fuel costs.
According to AFP, one of the key drivers behind the spike in oil prices is the disruption to shipping through the strategic Strait of Hormuz, a narrow Gulf waterway through which roughly one-fifth of global crude oil supplies pass.
Source: World News in news18.com, World Latest News, World News
