Trump and Putin connected by phone for the first time this year, holding what the Kremlin described as a substantive conversation covering the war in Iran, the situation in Ukraine, and Venezuela's role in global oil markets. The call came just hours after Putin had warned publicly that the ongoing conflict was pushing the world toward an energy crisis.

The US-Israeli assault on Iran triggered the sharpest spike in oil prices since Russia's invasion of Ukraine in 2022. Gulf producers have scaled back output following the closure of the Strait of Hormuz, amplifying supply disruptions across global markets.

Speaking at his Florida golf club after the call, Trump said Putin had expressed a willingness to help on Iran, to which Trump reportedly replied that ending the Russia-Ukraine war would do even more good. Putin, for his part, stated that Russia - the world's second-largest oil exporter and holder of the biggest natural gas reserves - stood ready to resume supplying European customers if they wished to return to long-term energy cooperation.

Against this turbulent backdrop, three sources familiar with internal deliberations told Reuters that the Trump administration is weighing a significant easing of oil-related sanctions on Russia. The aim would be to help offset supply losses stemming from the Middle East conflict, though critics note such a move could undercut efforts to deprive Moscow of war revenues in Ukraine. Options reportedly on the table range from broad sanctions relief to narrower arrangements allowing specific countries, such as India, to purchase Russian crude without fear of US penalties. Last week, Washington already gave India a temporary waiver to buy Russian oil already at sea in order to help it manage the shortfall.

Kremlin foreign policy aide Yuri Ushakov described the Trump-Putin exchange as likely to carry practical weight going forward, adding that Trump views a swift ceasefire and durable settlement in Ukraine as being in American interests. Ushakov also suggested that Russia's military advances should push Kyiv toward the negotiating table.