Trump: Will temporarily lift some oil-related sanctions to lower oil prices

Trump said at a press conference on Monday that the United States will temporarily lift some oil-related sanctions to ensure adequate oil supply and lower oil prices. Trump also stated that the increase in oil prices has not reached the level of severity he was concerned about.

Trump said, "We have imposed sanctions on some countries. We will lift these sanctions before navigation in the Strait of Hormuz is restored." However, he did not provide specific details. Last week, the United States issued a 30-day temporary waiver allowing the sale of Russian oil currently stranded at sea to India, in an effort to ease pressure on the global oil market.