Trump States US Will Relax Oil Sanctions to Press Down Prices

US President Donald Trump announced on Monday (9 March 2026) that he would ease oil sanctions against several nations to manipulate prices.

“We are also revoking various sanctions related to oil to lower its price. So, we have sanctions on some countries and we will revoke those sanctions until the situation improves,” Trump stated during a press conference.

Trump added that the US may not reimpose the sanctions after they are lifted, as peace will be restored. He stated that oil prices have risen artificially following the beginning of military operations against Iran.

“We are working to keep oil prices low. Oil prices rose artificially because of this effort, which is a very positive thing. I mean, this is an effort that many people would not do. I know oil prices will rise if I do this, and perhaps the increase will be smaller than I expected, but I think we will not succeed this quickly. This is a military success,” he explained.

On 28 February, the US and Israel launched an attack against Iran, including in Tehran, causing damage and civilian casualties. Iran retaliated by attacking Israeli territory and US military facilities in the Middle East.

The US and Israel initially claimed their attack was necessary to counter a threat they considered to stem from Iran’s nuclear programme. However, the US and Israel soon clarified that the attack was carried out because they wanted to see a change of power in Iran.

Iran’s Supreme Leader Ayatollah Ali Khamenei died on the first day of the US and Israeli military operation. The Islamic Republic of Iran declared a 40-day mourning period.

Russian President Vladimir Putin described Khamenei’s killing as a cynical violation of international law. Russia’s Ministry of Foreign Affairs condemned the US-Israeli operation and called for immediate de-escalation and cessation of hostilities.