Trump spoke with Putin – is he lifting sanctions on Russia?

According to The Guardian, such a move could mean a further easing of sanctions on Russian oil. Reuters, citing multiple sources, reported that the decision could further complicate Western efforts to punish Moscow for the war that Russia is waging against Ukraine.

Washington seeks ways to calm the oil market

Sources familiar with the discussions in Washington say the administration is also considering other measures to stabilize the oil market. Options include releasing oil from U.S. strategic reserves or limiting oil exports from the United States.

The Guardian also notes that last week Washington issued a temporary exemption allowing India to purchase certain shipments of Russian oil in order to offset the loss of supply from the Middle East.

Oil prices surge due to blockade of the Strait of Hormuz

The blockade of the Strait of Hormuz, through which about one-fifth of the world’s oil trade normally passes, has almost completely halted oil tanker traffic. As a result, benchmark oil futures briefly jumped above $100 per barrel on Monday—the highest level since the start of the Russian invasion of Ukraine—before partially retreating.

The White House plan, previously presented as an attempt to stabilize traffic through the strait, includes escorting tankers with U.S. warships as well as providing government-backed insurance guarantees for the vessels. However, according to The Guardian, the plan has so far not significantly increased traffic through this crucial maritime route.