DORAL, Fla.—U.S. President Donald Trump announced on March 9 plans to lift sanctions on certain countries to help reduce prices driven by the ongoing conflict with Iran.

“We’re looking to keep the oil prices down,” Trump said during a press conference at Trump National Doral in Miami, Florida.  He said that the prices have risen artificially due to the conflict, calling it an “excursion.”

He said the United States would be “waiving certain oil-related sanctions” to cool down energy prices.

“So, we have sanctions on some countries. We’re going to take those sanctions off till this straightens out,” Trump said.

He later suggested that once the war ends, sanctions may no longer be necessary.

“Then, who knows, maybe we won’t have to put them on. There’ll be so much peace,” the president said.

Trump also confirmed that he had a phone call with Russian President Vladimir Putin on March 9, though he did not specify whether lifting oil-related sanctions on Moscow was discussed.

“He was very impressed with what he saw, because nobody’s ever seen anything quite like it,” Trump said, referring to the U.S.-Israeli joint military operation in Iran.

He said they discussed both the war in Ukraine and the situation in the Middle East.

“He wants to be helpful. I said that ‘You could be more helpful by getting the Ukraine-Russia war over with. That will be more helpful.’ But we had a very good talk, and he wants to be very constructive,” Trump said without elaborating further.

On March 6, U.S. Treasury Secretary Scott Bessent said that the United States may consider easing sanctions on more Russian oil after granting India a 30-day waiver to purchase Russian crude.

The Trump administration previously raised tariffs on India for its imports of Russian oil, as the United States sought to cut off funding for Russia’s war and pressure Moscow to end the conflict in Ukraine.

Bessent stated in a Fox Business interview that his department decided on March 5 to issue India a waiver, but it would only permit the purchase of Russian oil already in transit.

Bessent also said the United States “may unsanction other Russian oil” to ensure the world has an adequate oil supply during the conflict in Iran.

“There are hundreds of millions of barrels of sanctioned crude on the water, and in essence, by unsanctioning them, Treasury can create supply. And we are looking at that,” he said.

Oil prices have risen sharply since U.S.–Israeli military operations against Iran began at the end of February. Iran has retaliated with a series of strikes on Israel and U.S. bases in Gulf nations.

A barrel of West Texas Intermediate, the U.S. benchmark for oil prices, rose to nearly $115 on March 9 before falling back to about $90 the same day after Trump indicated the war with Iran may be nearing its end.

Andrew Moran and Aldgra Fredly contributed to this report.