President Donald Trump and Russian President Vladimir Putin had their first phone call of the year on Monday. While it began with talks about the war in Iran, it quickly moved to Ukraine, leaving Kyiv on edge. A key topic that came up was the possibility of the U.S. reducing oil sanctions on Russia, which could have a big effect on global energy markets.
The call happened just hours after Putin warned about a coming global energy crisis. He pointed out that the U.S.-Israeli attack on Iran had already caused the biggest jump in oil prices since Russia’s 2022 invasion of Ukraine. With Gulf producers cutting output after the closure of the Strait of Hormuz, Putin warned that oil production depending on that route could soon stop.
