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Oil’s rally after the latest round of U.S. sanctions on Russia’s energy sector should make President Donald Trump cautious about implementing additional restrictions, according to Commerzbank Research. “Low energy prices are of great importance for his economic policy agenda,” commodity analyst Carsten Fritsch says in a note. Trump is expected to use the threat of sanctions as leverage in negotiations with Russian President Vladimir Putin to end the war in Ukraine, while further tightening of sanctions on Iran seem widely expected. “The market has already anticipated a tightening of the oil supply as a result of the sanctions against Russia and Iran,” Fritsch says. “Nevertheless, a further price increase is to be expected if sanctions are tightened.”