US President Donald Trump and Russian President Vladimir Putin spoke by telephone on Monday for the first time since December, discussing the ongoing US-Israeli war against Iran, the conflict in Ukraine, and the impact of energy market disruptions on global oil supply. The call, which lasted approximately one hour, was requested by Washington and described by the Kremlin as "frank and constructive."
According to Kremlin foreign policy aide Yuri Ushakov, the conversation centred on the military situation around Iran and bilateral negotiations over Ukraine. Ushakov told reporters that Putin presented Trump with "several proposals" aimed at achieving a swift political and diplomatic resolution to the Iran conflict, drawing on contacts with Gulf state leaders, Iran's president, and other regional figures.
Trump, speaking to reporters after the call, said he had a "very good call with Putin." He noted that Putin had expressed willingness to be helpful on Iran, but Trump pushed back: "I told him you can be more helpful by ending the war in Ukraine."
The Iran conflict, which began on February 28, 2026, following the breakdown of US-Iran nuclear negotiations, has caused severe disruption to global energy markets. Iran declared the Strait of Hormuz closed shortly after fighting began. The strait is a critical waterway through which approximately one-fifth of the world's oil supply transits. Since the declaration, shipping through the strait dropped sharply — from 91 vessels on February 28 to just four on March 8, according to S&P Global Commodities at Sea data.
Brent crude prices reached $119.50 per barrel on Monday, their highest level since Russia's full-scale invasion of Ukraine in February 2022. Trump, facing mounting pressure over energy costs, announced at a White House press conference later that day that his administration would waive certain oil-related sanctions to bring prices down. "We have sanctions on some countries. We're going to take those sanctions off until this straightens out," Trump said, without specifying which countries would benefit. The US currently maintains oil sector sanctions on Russia, Iran, and Venezuela. The US Treasury had already issued a 30-day waiver the previous week allowing Indian refineries to purchase Russian oil.
Ushakov also confirmed that the two leaders discussed Venezuela in the context of global oil markets. Trump also mentioned China in remarks to reporters regarding the sanctions decision.
On Ukraine, Ushakov said Trump reiterated his interest in seeing the conflict end quickly with a ceasefire and long-term settlement. The Kremlin aide added that Russian forces were advancing successfully along the line of contact and that this progress should "prompt the regime in Kyiv to finally go down the path of negotiating a settlement." No concrete agreements were announced following the call.
Financial markets responded positively to Trump's signals about a potential near-term end to the Iran conflict, with oil prices falling and global equities rising after his press conference comments.
Mohsin Rana
