Trump announces sanctions relief to ease oil prices, says Iran war to end ‘very soon’
Stocks bounced and oil prices fell Monday on the president’s comments
By Robert Schroeder and Myra P. Saefong
Last Updated: March 9, 2026 at 10:45 p.m. ET
First Published: March 9, 2026 at 6:44 p.m. ET
President Donald Trump speaks to the Republican Members Issues Conference at Trump National Doral Miami on Monday in Doral, Fla. He said he expects a ”short-term” operation against Iran.Photo: Getty Images
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About This Summary
- President Trump announced the United States is waiving oil-related sanctions on some countries to ease crude prices.
- Oil prices, which reached nearly $120 a barrel, retreated as investors anticipated a Group of Seven emergency oil-reserve release.
- Group of Seven energy ministers plan a virtual meeting to discuss releasing oil reserves due to the Iran war’s supply disruptions.
President Donald Trump said the U.S. is waiving oil-related sanctions on certain countries in an effort to ease crude prices, as he estimated the war with Iran would end “very soon.”
“So in some countries, we’re going to take those sanctions off until this straightens out,” Trump said Monday in remarks to reporters in Doral, Fla.
The president spoke after U.S. stocks
staged a comeback and oil prices
retreated from highs as investors priced in the possibility of a coordinated emergency release of oil reserves. Oil futures were falling another 10% on Monday night.
Trump wants oil at $50 per barrel — economics suggest otherwisePlay video: Trump wants oil at $50 per barrel — economics suggest otherwise
Trump didn’t name countries on which his administration is mulling the reduction of sanctions. Earlier Monday, Reuters reported that the White House was weighing further easing of sanctions on Russia. The U.S. has allowed India to buy Russian oil without being penalized by the Trump administration. Trump spoke with Russian leader Vladimir Putin on Monday.
Trump predicted a “short-term excursion” in Iran but also suggested U.S. involvement there would continue.
“We could go further, and we’re going to go further,” he said.
Earlier Monday, Trump told a CBS reporter that the conflict with Iran could end soon, saying he thought the war was “very complete, pretty much.” He said Iran has no navy, communications or air force.
And there were signs Monday that the wealthy countries that make up the Group of Seven were discussing an emergency release of crude reserves.
U.S. and global benchmark prices both climbed to nearly $120 a barrel at their peaks in overnight trading, before retreating from those highs as investors priced in the potential G-7 action.
Futures Movers: Oil prices pull back from highs near $120 a barrel on talk of G-7 emergency release of crude reserves
The G-7 development helped ease concerns over disruptions to the global flow of oil resulting from the Iran conflict. Energy ministers from the group are planning a virtual meeting Tuesday to discuss a possible release of oil reserves to address supply disruptions triggered by the Iran war, sources told CNBC.
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About the Author
Robert Schroeder is the Washington bureau chief for MarketWatch. Follow him on X @mktwrobs.
Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
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