The US Treasury Department's sanctions on Russian oil will be lifted if the Ukrainian crisis is resolved peacefully.
This will help lower global energy prices, Treasury Secretary Scott Bessent said in an interview with Fox News.
"As for peace agreements, we could see a significant drop in oil prices," he said, adding "If an agreement is reached with Venezuela, Iran, as well as with Russia and Ukraine, then a lot of oil could enter the markets from which the Treasury Department will lift sanctions",