US moves to lift certain oil sanctions amid surging prices

President Donald Trump stated that his administration would be “waiving certain oil-related sanctions to reduce prices.”

The announcement comes amid rising oil costs following US and Israeli actions against Iran, with consumers already feeling higher prices at the pump, Caliber.Az reports, citing foreign media.

Trump did not clarify which sanctions would be affected, saying only, “We have sanctions on some countries. We’re going to take those sanctions off until this straightens out.”

Both Iran and Russia are major oil producers under heavy sanctions. Recently, Trump allowed India a waiver to increase oil imports from Russia after a trade deal that required India to cut off its Russian oil purchases.

By Jeyhun Aghazada