**Crude Oil Prices Plummet Amid US-Iran Conflict: Trump Offers Sanctions Relief** The world of crude oil has witnessed a dramatic price swing in the past 24 hours, with prices plummeting below $90 a barrel after earlier surging to almost $120. This rollercoaster ride is largely attributed to the ongoing US-Iran conflict, which has sparked concerns about global oil supplies. In a development that may stabilize the energy market, US President Donald Trump has announced plans to lift some sanctions on oil-producing countries. Speaking at a news conference in Miami, Florida, Trump stated that his administration will temporarily suspend sanctions on certain nations to prevent a further hike in oil prices. Although Trump did not specify which countries will benefit from sanctions relief, it is widely believed that Russia, Iran, and Venezuela may be on the list. Currently, the US maintains sanctions on the oil sectors of these countries. The Reuters news agency has reported that Trump is considering easing sanctions on Russia, citing multiple unnamed sources. The US Treasury Secretary, Scott Bessent, had earlier announced a 30-day waiver on sanctions on Russian oil sales to India in a bid to ease growing pressure on global supplies. Meanwhile, crude oil prices continue to retreat, with Brent crude hovering at around $84 a barrel as of Tuesday morning. The US-Israel joint strikes on Iran on February 28 have sent shockwaves through the global energy market. The conflict has led to a significant surge in crude prices, with some analysts predicting a 50% increase in prices compared to pre-conflict levels. Additionally, Iranian threats have effectively closed the Strait of Hormuz, a critical waterway that accounts for about one-fifth of the world's oil supply. The region has also witnessed a series of attacks on energy infrastructure, forcing major Gulf region producers to cut production. These developments have resulted in a backlog of supply, as shipping has largely come to a halt. The stability of the global oil market remains a pressing concern, and Trump's announcement of sanctions relief may provide some much-needed relief to oil-producing countries and consumers alike. As the situation continues to unfold, one thing is clear: the world's oil market is on edge, and any development that can stabilize prices and ensure a steady supply will be welcomed by all parties involved.