US President Donald Trump announced that his administration will lift certain sanctions on oil-producing countries to help reduce fuel prices during the ongoing conflict between the United States, Israel, and Iran. He made the statement on Monday after talks with Russian President Vladimir Putin, though he did not specify which countries or sanctions would be affected. The announcement came as crude oil prices, which had surged to about $120 per barrel on Sunday, fell below $90.

Trump also mentioned Chinese President Xi Jinping, noting the roles of Russia as a major oil exporter and China as a key importer. Following Trump’s remarks that the Iran war might end sooner than expected, oil prices dropped further and stock markets rose. Treasury Secretary Scott Besant had earlier said Washington was considering lifting sanctions on Russian oil, and the US had temporarily allowed India to purchase Russian oil shipments.

Putin stated that Russia was ready to supply oil and gas to Europe under conditions, as the Hormuz Strait remained closed due to the Iran conflict.