Trending Now - Trump's Energy Secretary Faces Criticism Over Iran Remarks

WHO:

Chris Wright, Secretary of Energy

President Trump

Vladimir Putin, President of Russia

Kirill Dmitriev, Russia’s economic envoy

Kristen Welker, NBC News host

Martha Raddatz, ABC News host

WHAT:

President Trump decided to temporarily lift sanctions on Russian crude oil.

The Treasury Department is lifting sanctions on Russian oil this week.

Russia is reportedly making an extra $150 million per day from oil sales due to lifted sanctions.

Chris Wright stated that the oil being sold was already on the water and waiting to unload in a Chinese port.

Wright predicted that gas prices would decline once the war in Iran concludes.

Wright mentioned a “short-term disruption” in oil supplies.

WHERE:

The Strait of Hormuz, a key oil transit route.

Chinese port where Russian oil was waiting to unload.

WHEN:

The decision to lift sanctions was made in March 2026.

The war in Iran began on February 28th, 2026.

Wright stated that the conflict in Iran “will certainly come to an end in the next few weeks” from March 2026.

WHY:

The lifting of sanctions is intended to keep a lid on oil prices and help allies across Asia.

Wright argued that the U.S. is not rewarding Russia, despite the perception.

HOW:

The U.S. is allowing the sale of oil that was already exported and changing its destination to keep refineries running in Asia.

(UPDATED March 16, 2026 03:55 UTC)

In a significant move, President Trump has decided to temporarily lift sanctions on Russian crude oil, a decision announced this week by the Treasury Department. This change is expected to help keep oil prices stable and support allies across Asia, with Chris Wright, the Secretary of Energy, noting that the oil in question was already en route to a Chinese port. Wright also mentioned a potential decline in gas prices once the ongoing war in Iran, which began on February 28, wraps up in the coming weeks.