Amid Energy Market Volatility, Trump Says US Ready to Act
US President Donald Trump said the United States is prepared to take steps to ease pressure on global energy markets if necessary, as rising tensions linked to the Iran conflict continue to affect oil prices worldwide.
Speaking to reporters aboard Air Force One on Sunday, the US president said he was not overly concerned about fuel prices despite volatility in global markets. Oil prices have surged amid fears of supply disruptions, particularly after the Strait of Hormuz — a critical route for global energy shipments — faced major disruptions.
When asked about Washington granting India temporary flexibility to continue buying Russian oil, Trump said the administration could consider further measures to stabilise markets if required.
“If there were some, I would do it, just to take a little of the pressure off,” he said.
Trump also downplayed the need to tap into the US Strategic Petroleum Reserve, which holds emergency oil supplies for national use. According to official data, the reserve contained more than 415 million barrels at the end of last month.
“We’ve got a lot of oil. Our country has a tremendous amount,” Trump said, adding that global supply pressures could ease relatively quickly.
#WATCH | US President Donald Trump says, “…I would do it just to take a little of the pressure off…We’ve got a lot of oil. Our country has a tremendous amount, and we have, there’s a lot of oil out there…”
(Source: The White House/YouTube) https://t.co/1BALpbnfV6 pic.twitter.com/9YW29wjR9L
— ANI (@ANI) March 7, 2026
US grants temporary waiver to India
The remarks come days after Scott Bessent, the US Treasury Secretary, announced a temporary 30-day waiver allowing Indian refiners to purchase Russian oil already in transit.
“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea,” he wrote on social media.
He also described India as an important strategic partner for the United States and said Washington expects New Delhi to increase imports of American crude in the future.
India stands firm on Russian oil imports
Meanwhile, India has said it does not require approval from any country to purchase crude oil from Russia, even as the United States granted a temporary 30-day waiver allowing continued imports amid tensions in the Middle East.
In a statement on Saturday, the Centre said India purchases crude oil based on competitive pricing and national interest, stressing that its energy policy remains independent.
“India has never depended on permission from any country to buy Russian oil,” the government said.
Russia continues to be India’s largest crude supplier, with imports continuing even in February 2026. Purchases rose significantly after 2022 as Russian crude became available at discounted prices following Western sanctions over the Russia-Ukraine war.
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