The United States allowed its waiver of sanctions on Russian seaborne oil to expire at midnight on June 17.
Washington has twice previously allowed the waiver to expire in recent months only to extend it days later.
During the war with Iran, the Trump administration waived the measures to help vulnerable economies cope with the energy crisis that ensued from the resulting closure of the Strait of Hormuz, through which a fifth of global oil supplies previously flowed.
On June 18, in the wake of Washington and Tehran signing a memorandum of understanding to end the war, which would allow oil from the Middle East to reach global markets, Trump was asked during the G7 summit in France whether the sanctions on oil transported by sea from Russia would be reimposed.
Trump told reporters his administration is "looking at that.”
"We're seeing how far the price of oil comes down," he said. “It's really tumbling.”
A day prior, Trump suggested the United States could once again apply the sanctions by ending the waiver.
"Soon we'll be able to do that, because the oil is now flowing" out of the Middle East, he said.
The United States last year sanctioned Russian oil majors Rosneft and Lukoil to pressure the Kremlin to end its war in Ukraine.
Russia, alongside the United States and Saudi Arabia, is one of the world's top oil exporters.
Memorandum of Understanding
Under the terms of the memorandum of understanding agreed between the United States and Iran on June 17, set to be formalized in a ceremony slated for June 19 in Switzerland, Tehran can again sell its oil on the global market.However, it could take months to bring oil and gas flows to normal levels.
Brent crude futures were down $1.59, or 2 percent, to $77.96 a barrel in early trading on June 18, while the U.S. West Texas Intermediate fell $1.83, or 2.38 percent, to $74.96 a barrel.
Early shipping data suggests commercial traffic is beginning to recover.
“Seven vessels stranded for 109 days since the war began are now underway, signaling a rapid reopening,” Maritime analytics firm Windward said in a June 18 post on X.
The company said five of the first vessels to depart were Chinese-affiliated ships, while European operators also appeared to be resuming movements, with Windward calling the activity a potential sign of growing industry confidence in the agreement.