Key Points
- Leaders discuss wars in Iran and Ukraine as global oil prices surge
- US weighs easing sanctions on Russian oil to stabilise markets, with potential broad or targeted relief
- Talks signal diplomatic engagement amid escalated military conflicts and heightened geopolitical tensions
ISLAMABAD: US President Donald Trump and Russian President Vladimir Putin spoke by telephone in a wide-ranging discussion covering the Iran War, prospects for peace in Ukraine and options to address a deepening global energy crisis, Russian officials told international media on Tuesday.
According to the Kremlin, this was the first direct call between the two leaders so far this year, coming hours after Russian warnings that a US and Israeli military campaign in Iran had disrupted global oil flows and threatened wider economic ripples.
Trump later described the conversation as “very good” during a news conference at his Florida club, reiterating calls for Russia’s contribution to ending the Ukraine conflict, and framing reduced hostilities as beneficial to global stability.
Putin, whose country is one of the world’s largest oil and gas producers, told Trump that Russia was prepared to work with European partners and was interested in measures that could support a faster settlement in the Iran conflict, Kremlin foreign policy aides said.
The call comes as oil prices reached their highest levels in years earlier this week, driven by closures in the strategic Strait of Hormuz, a conduit for about one‑fifth of global oil shipments, and fears of long‑term supply disruptions that have widened market uncertainty.
Amid that backdrop, sources familiar with the planning told Reuters that the Trump administration is considering loosening certain US sanctions on Russian oil to help ease global supply bottlenecks.
Options under discussion include broad sanctions relief or targeted exemptions that would allow specific countries, such as India, to purchase Russian crude without facing US penalties, traders and officials said.
Last week, the United States granted a temporary waiver enabling India to purchase Russian oil already in transit to help it cope with Middle East supply disruptions, underscoring the intensity of market pressures.
White House officials, citing the surge in fuel costs and concerns for consumers and businesses at home, have also discussed other measures, including possible releases from strategic oil reserves, to help stabilise prices.
Analysts say that easing sanctions might provide relief to the global market. However, it could risk undercutting Western efforts to limit Russia’s revenue from energy exports, which have been a cornerstone of sanctions tied to the Ukraine war.
The phone call marks a notable moment in US-Russia engagement, as both sides navigate overlapping crises, from the Middle East conflict and oil market turmoil to the ongoing and deeply entrenched war in Ukraine.
