Trump hints US may ease Iran oil sanctions to help rebuild country

US President Donald Trump said, on June 25, that the US will maintain its maximum pressure campaign on Iran, which includes oil sale restrictions.

He, however, indicated Iran’s oil sanctions might be eased to help rebuild the country.

When asked if he would ease oil sanctions on Iran, Trump responded at a NATO summit press conference: "They’re going to need money to put that country back into shape. We want to see that happen."

The US President said that China could continue purchasing Iranian oil after Israel and Iran agreed to a ceasefire, but the White House later clarified that his remarks did not signal a formal sanction relief.

Trump imposed successive sanctions on a number of Chinese independent “teapot” refineries and port operators for buying Iranian crude.

Steve Witkoff told CNBC that Trump’s comment on China’s right to buy Iranian oil "was a signal to the Chinese that we want to work with you, that we are not interested in hurting your economy."

China remains the largest purchaser of Iranian crude and has consistently opposed US sanctions on that oil, Witkoff noted.