US President Donald Trump said on Monday that the ‌United States is waiving certain oil-related sanctions as a way to ensure adequate oil supply and lower prices, Reuters reports.

At a news conference at his ⁠Doral golf club, Trump said oil prices have not spiked as much as he had feared.

Trump said the United States is waiving certain oil-related sanctions to cut prices.

“We have sanctions on some countries. We’re ‌going ⁠to take those sanctions off till the Strait (of Hormuz) is up,” Trump said, according to Reuters.

He was not specific, but the United ⁠States last week issued a temporary, 30-day waiver to allow for the sale ⁠of Russian oil currently stranded at sea to India to alleviate ⁠pressure on the global oil market.

President Trump also threatened the Iranian regime against halting the flow of oil through the Strait of Hormuz amid the war. “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,” the president wrote on his Truth Social platform.