Trump says will waive some oil sanctions as Iran war roils markets
Key Takeaways
- US President Donald Trump said he will waive certain oil-related sanctions
- Waivers intend to boost oil supply and reduce prices amid Middle East war turmoil
- Trump told reporters after talks with Russia in Doral
Market and geopolitical fallout
The article describes broader market and geopolitical fallout: crude price rises have caused panic among importers, with South Korea activating a $68 billion market stabilisation fund, Japan reportedly considering drawing on national oil reserves, and queues at petrol stations reported as far afield as Vietnam, Myanmar and the Philippines.
“Trump says will waive some oil sanctions as Iran war roils markets Doral (United States) (AFP) – US President Donald Trump said Monday that he will waive some sanctions on oil to boost supply and bring down prices, due to market turmoil over war in the Middle East”
It cites analysts saying Washington’s war on Iran and the ousting of Venezuelan leader Nicolas Maduro inadvertently provided a lifeline for Moscow by turning top importers away from discounted crude from those countries.
The piece adds that Trump’s interventions "give Moscow an opportunity to reaffirm that 'maritime routes for supplying resources to China could be cut off at any moment by the United States,'" and that "so the only reliable option is pipelines and roads from Russia."
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