US President Donald Trump has said the United States is waiving certain oil-related sanctions to help ensure adequate supply and keep prices down.
Speaking at a news conference at his Doral golf club on Monday, Trump said oil prices have not risen as sharply as he had initially feared.
Trump said Washington is temporarily lifting some sanctions in an effort to reduce pressure on global oil markets.
"We have sanctions on some countries. We're going to take those sanctions off till the Strait is up," Trump said, referring to the Strait of Hormuz.
He did not specify which countries were affected by the measure.
However, the United States last week issued a temporary 30-day waiver allowing the sale of Russian oil currently stranded at sea to India.
The move was intended to ease pressure on global oil supplies as US-Israel war on Iran continues to disrupt energy markets.
