U.S. President Donald Trump announced that he is considering a temporary lift of certain oil-related sanctions in an effort to help reduce global energy prices.

The announcement comes amid high volatility in oil markets, with prices surging following a joint U.S.-Israel military operation against Iran and the blocking of the Strait of Hormuz, a strategic maritime passage through which a significant portion of the world’s oil supply transits.

“We are also going to lift some oil sanctions to bring prices down,”

Trump said during a press conference on Monday, specifying that the measures would target countries currently under energy restrictions imposed by Washington.

“We have sanctions on certain countries. We will lift these sanctions until things get resolved. After that, who knows? Maybe we won’t have to put them back. There will be so much peace,” he added.

Regarding the situation in the Strait of Hormuz, the U.S. president said that the American military would take control of the corridor “when the time comes,” stressing the need to “free” this strategic passage for global trade and oil, where traffic has been nearly halted since the start of the U.S. military operation against Iran.

Trump also warned that he would strike Iran “much harder” if the authorities in Tehran attempt to block oil shipments in the region.

“I will not allow a terrorist regime to hold the world hostage and try to stop the global oil supply. And if Iran does something like that, they will be hit much, much harder,” the U.S. leader said.

These announcements come as energy markets remain particularly sensitive to developments in the Middle East and potential disruptions to global oil supply.