Trump and Putin Discuss Iran War as U.S. Weighs Easing Russian Oil Sanctions

The U.S. and Israeli attack on Iran triggered the biggest spike in oil prices since Russia's 2022 invasion of Ukraine, as Gulf producers cut output following the closure of the Strait of Hormuz. Against this backdrop, President Donald Trump called Russian President Vladimir Putin on Monday in their first telephone call this year, discussing Russian ideas for a swift end to the Iran conflict, the military situation in Ukraine, and Venezuela's impact on global oil markets. Trump's administration is also considering reducing oil sanctions on Russia to boost global supplies disrupted by the Middle East conflict, with an announcement possibly coming. Talks could include broad sanctions relief or targeted options allowing countries like India to purchase Russian oil without facing U.S. penalties, including tariffs.