President Donald Trump said the U.S. is waiving oil-related sanctions on certain countries in an effort to ease crude prices, as he estimated the war with Iran would end “very soon.”
“So in some countries, we’re going to take those sanctions off until this straightens out,” Trump said Monday in remarks to reporters in Doral, Fla.
The president spoke after U.S. stocks
staged a comeback and oil prices
retreated from highs as investors priced in the possibility of a coordinated emergency release of oil reserves. Oil futures were falling another 10% on Monday night.
Trump didn’t name countries on which his administration is mulling the reduction of sanctions. Earlier Monday, Reuters reported that the White House was weighing further easing of sanctions on Russia. The U.S. has allowed India to buy Russian oil without being penalized by the Trump administration. Trump spoke with Russian leader Vladimir Putin on Monday.
Trump predicted a “short-term excursion” in Iran but also suggested U.S. involvement there would continue.
“We could go further, and we’re going to go further,” he said.
Earlier Monday, Trump told a CBS reporter that the conflict with Iran could end soon, saying he thought the war was “very complete, pretty much.” He said Iran has no navy, communications or air force.
And there were signs Monday that the wealthy countries that make up the Group of Seven were discussing an emergency release of crude reserves.
U.S. and global benchmark prices both climbed to nearly $120 a barrel at their peaks in overnight trading, before retreating from those highs as investors priced in the potential G-7 action.
Futures Movers: Oil prices pull back from highs near $120 a barrel on talk of G-7 emergency release of crude reserves
The G-7 development helped ease concerns over disruptions to the global flow of oil resulting from the Iran conflict. Energy ministers from the group are planning a virtual meeting Tuesday to discuss a possible release of oil reserves to address supply disruptions triggered by the Iran war, sources told CNBC.
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