Hello, welcome to NewsHour from the BBC World Service, coming to you live from London.
I'm Paul Henley.
European leaders have reacted with alarm to a US plan to ease some oil sanctions on Russia.
The intention in Washington is to tackle surging energy costs caused by the war in the Middle East,
and in particular by the blockage by Iran of tanker traffic in the Strait of Hormuz,
through which about 20% of the world's oil usually travels.
President Trump told Fox News Radio's Brian Kilmeade show that prices would soon fall again.
When it's over...
And I don't think it's going to be long.
When it's over, this is going to bounce right back so fast.
When are you going to know when it's over?
When I feel it.
Okay.
I feel it in my bones.
But Europe's fear, shared by the Canadian leader,
is that the change will help fund Moscow's war against Ukraine.
The US announced a temporary waiver that will allow countries to buy oil and petroleum already loaded on Russian vessels at sea.
It says it's a short-term measure that wouldn't provide significant financial benefit to Russia.
But speaking in Paris after a meeting with President Emmanuel Macron,
the Ukrainian president, Volodymyr Zelensky, said Russia would benefit.