The United States government is set to lift oil-related sanctions on select oil-producing countries to keep energy prices low as the war between the US and Israel against Iran continues.

President Donald Trump announced the move following a sharp spike in crude oil prices over the past 24 hours, with prices surging to between $90 and $120 per barrel.

"We're also waiving certain oil-related sanctions to reduce prices. We have sanctions on some countries, but we're taking those sanctions off until this straightens out. Then, who knows, maybe we won't have to put them back on — there will be so much peace," Trump said.

Among the countries currently subject to US oil sanctions are Russia, Serbia, and Venezuela. Reports indicate the US may lift sanctions on Russian oil to ease supply for countries heavily dependent on it, such as India.

Trump also defended the broader strategic value of the military campaign, saying long-term oil security would improve with the removal of Iranian threats.

"In the long run, oil supplies will be dramatically more secure without the threat of Iranian ships, drones, missiles, nuclear menace, or anything," he said.

Alongside the planned sanction waivers, Trump warned that US forces would strike any Iranian forces attempting to block oil tankers from passing through the Strait of Hormuz.

Reports indicate that several tankers continue to transit the strait but are switching off their AIS transponders before entering the shipping lane and turning them back on upon exit. Iran has also stated that only Chinese oil tankers are permitted to pass through the Strait of Hormuz, and that any country aiding the US and Israel would be denied passage.

Trump pledged to ensure safe passage through the strait for the duration of the conflict.

"The Strait of Hormuz is going to remain safe. We have a lot of Navy ships there," the US president said.

Trump also expressed confidence that the fighting in the Middle East would be short-lived, citing what he described as the weakening of Iranian forces.

"We took a little excursion because we felt we had to do that to get rid of some evil. And I think you'll see it's going to be a short-term excursion. How good is our military right?" Trump said.