Washington, United States. President Donald Trump and Russian President Vladimir Putin spoke by phone on Monday about the war in Iran, prospects for peace in Ukraine and global energy markets, according to statements from both sides.
Call focuses on Iran, Ukraine and oil market concerns
The Kremlin said Trump called Putin in the leaders’ first telephone conversation this year, and they discussed Russian ideas for a speedy end to the conflict in Iran, the military situation in Ukraine, and the impact of Venezuela on the global oil market.
Trump told a press conference at his Florida golf club that he had a “very good call” with Putin and said Putin wanted to be helpful on Iran. Trump said he told Putin he could be more helpful by ending the Ukraine-Russia war.
Oil prices rise after attacks and Strait of Hormuz closure
The U.S. and Israeli attack on Iran triggered the biggest spike in oil prices since the turmoil following Russia’s 2022 invasion of Ukraine, as Gulf producers reduce output after the closure of the Strait of Hormuz.
The call took place within hours of Putin’s remarks warning that the U.S.-Israeli war on Iran had triggered a global energy crisis and that oil production dependent on transport through the Strait of Hormuz could soon come to a halt.
Putin signals readiness to work with European customers
Putin said Russia, the world’s second-largest oil exporter and holder of its biggest natural gas reserves, was ready to work again with European customers if they wanted to return to long-term cooperation.
U.S. considers possible changes to oil sanctions on Russia
Amid turmoil on global energy markets, Trump’s administration is considering reducing oil sanctions on Russia, with an announcement possible as soon as Monday, according to three sources familiar with the planning.
The move would be intended to boost global oil supplies following disruptions to Middle East shipments from the expanding conflict, but could complicate U.S. efforts to deprive Russia of revenue for its war in Ukraine.
The sources said talks could include broad sanctions relief as well as more targeted options for certain countries, such as India, to buy Russian oil without fear of U.S. penalties, including tariffs. The sources spoke on condition of anonymity.
How do you think possible changes to U.S. sanctions on Russian oil could affect global energy markets?