President Donald Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices amid the Iran conflict, with an announcement possible as soon as Monday night, according to multiple sources.

The deliberations reflect White House concerns that the surge in oil prices following more than a week of U.S. and Israeli strikes on Iran will hurt U.S. businesses and consumers ahead of the November midterm elections.

Trump, in Florida to speak with congressional Republicans gathered for an annual retreat, was expected to review his options as early as Monday, two of the sources familiar with the matter said.

The White House added a news conference to Trump's schedule on Monday but provided no details on whether he will make any announcements.

Analysts and industry officials have said the White House has few meaningful tools to quickly curb rising oil prices unless authorities can restore the flow of tankers through the Strait of Hormuz, the narrow waterway between Iran and Oman that carries roughly a fifth of the world's oil supply.

"The problem is options range from marginal through symbolic to deeply unwise," said one of the sources, who is engaged with the White House on the effort.

The turmoil in energy markets comes at a sensitive moment for Trump, who has sought to keep fuel prices low as a cornerstone of his economic message to voters. A prolonged spike in oil and gasoline costs could ripple through the broader economy, raising transportation and consumer prices.

Easing sanctions on Russia was among the policy options, according to the sources.

Doing so would potentially boost world supplies of oil at a time of massive disruptions to Middle East shipments from the expanding Iran conflict. But this could complicate U.S. efforts to deprive Russia of revenue for its war in Ukraine.

Such a move could include broad sanctions relief as well as more targeted options that would allow certain countries, such as India, to buy Russian oil without fear of U.S. penalties, three sources told Reuters, speaking on condition of anonymity.

Russia's special presidential envoy on investment Kirill Dmitriev wrote March 7 on X that he was discussing the idea of lifting U.S. sanctions on Russian oil with the U.S., adding that "Western sanctions have proven detrimental to the world economy."

The White House said any policy announcement on Russia would come directly from Trump or a member of his team. U.S. officials in Washington have separately been discussing with counterparts from the Group of Seven major economies a possible joint release of crude oil from strategic reserves.

Energy Secretary Chris Wright confirmed Monday that the U.S. is considering coordinating sales of oil from the U.S. Strategic Petroleum Reserve, but no decision had been made. He added that the U.S. was not considering imposing restrictions on exports of U.S. energy as a way to control prices.

Other policy options available to Trump include intervening in oil futures markets, waiving some federal taxes and lifting requirements under the Jones Act, a law that mandates domestic fuel move only on U.S.-flagged ships, the sources said, speaking on condition of anonymity.

Global crude oil prices have hit levels not seen since mid-2022, briefly touching $119 a barrel, with gasoline and other fuel costs surging as a result since the U.S. and Israeli strikes began Feb. 28. The White House last week asked federal agencies to assemble proposals that could help ease pressure on crude and gasoline prices, Reuters previously reported. The deliberations involve top White House officials, including White House Chief of Staff Susie Wiles and top adviser Stephen Miller, the sources said.

A White House plan to provide naval escorts and backstop insurance for tankers traveling the Strait of Hormuz so far has not significantly boosted shipping traffic through the vital waterway.