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Trump Considers Sanctions Waivers as Gas Prices Soar

3/10/2026

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Summary

Story summary

U.S. President Donald Trump announced potential temporary waivers on oil-related sanctions to address rising petrol prices.
Petrol prices have surged 17% amid the ongoing conflict in Iran.
He said military assets would be deployed to protect Gulf shipping routes if necessary.
Republicans press the White House over rising gas prices as concerns persist about the Strait of Hormuz closure.

History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo in response to U.S. support for Israel during the Yom Kippur War, leading to a 400% increase in oil prices. This crisis prompted President Nixon to implement price controls and fuel rationing. Today’s rising petrol prices, driven by tensions with Iran, reflect ongoing vulnerabilities in global energy markets and the significance of Gulf shipping routes.

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Story summary

U.S. President Donald Trump announced potential temporary waivers on oil-related sanctions to address rising petrol prices.
Petrol prices have surged 17% amid the ongoing conflict in Iran.
He said military assets would be deployed to protect Gulf shipping routes if necessary.
Republicans press the White House over rising gas prices as concerns persist about the Strait of Hormuz closure.

1 / 2