US to remove oil sanctions on some countries until Iran situation 'straightens out': Trump

The US will lift sanctions on oil sales by "some countries" until the war with Iran "straightens out," US President Donald Trump said March 9.

"We are also waiving certain oil-related sanctions to reduce prices," Trump said, speaking at a White House press conference. "We have sanctions on some countries. We're going to take sanctions off until this straightens out. When the time comes, the US Navy and its partners will escort tankers through the strait if needed."

The number of ships transiting the Strait of Hormuz has continued to taper since the start of the war against Iran, falling to just four ships on March 8 from 91 seen on Feb. 28, according to S&P Global Commodities at Sea data collected on March 9.

When asked to detail the sanctions the US would lift, Trump provided no further details.

"I knew oil prices would go up if I did this," Trump said, referring to the US-Israel war with Iran. "All I'm doing is keeping my promise" to stop Iran from getting nuclear missiles, he said. "In the long run, oil supplies will be dramatically more secure without" the threat of Iran, Trump said. "We are putting an end to this threat once and for all."

Trump said the US was offering political risk insurance to oil tankers moving through the Strait of Hormuz.

Shortly after the US Treasury Department March 6 issued a waiver allowing the sale and delivery of sanctioned Russian oil to India, Secretary Scott Bessent said the US could unwind additional measures restricting Russia's crude to "create supply."