US President Donald Trump has said his administration is prepared to take steps to ease pressure on global oil markets after Washington granted a temporary waiver allowing Indian refiners to purchase Russian crude.

Speaking to reporters aboard Air Force One, Trump said the United States would consider measures to stabilise prices if necessary, as the ongoing conflict involving Iran continues to disrupt global energy supply chains. "If there were some, I would do it, just to take a little of the pressure off," Trump said when asked about possible steps to ease rising fuel prices.

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Global oil markets have remained volatile since tensions in West Asia escalated and the Strait of Hormuz, one of the world’s most important oil transit routes, was effectively shut following military action in the region.

US grants temporary waiver for Indian refiners

The remarks come after US Treasury Secretary Scott Bessent announced a 30-day waiver permitting Indian refiners to purchase Russian oil. In a post on X, Bessent said the waiver was a limited measure intended to address immediate supply disruptions rather than provide financial support to Moscow.

"This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea," he said.

Bessent added that the United States expects India to expand purchases of American crude in the future. "India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil," he wrote.

Strategic oil reserves not under immediate consideration

Trump also appeared to downplay the possibility of releasing crude from the US Strategic Petroleum Reserve, saying the country already had substantial reserves.

"We’ve got a lot of oil. Our country has a tremendous amount," the president said, adding that global supply pressures could ease quickly. According to official data, the Strategic Petroleum Reserve held more than 415 million barrels of oil at the end of last month.

Oil markets shaken by West Asia conflict

Energy markets have been unsettled by the intensifying conflict between Iran, the United States and Israel, which has triggered missile exchanges and military strikes across the region.

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The crisis has raised fears about disruptions to global oil supplies, particularly after shipping routes through the Strait of Hormuz were affected. Reports suggest the conflict has already led to more than 1,000 deaths in Iran, along with casualties in Israel and among US troops stationed in the region.

Trump and Israeli Prime Minister Benjamin Netanyahu have defended the strikes on Iran, arguing they were necessary to counter what they described as an imminent threat.