The simplest solution for Trump would be to publicly announce to Putin that the US will lift some sanctions on Russia, if Putin holds a referendum in Russia proposing peace with Ukraine and the West, unblocking YouTube, and lifting other internet blocks. Various offers and threats could be made, using both carrots and sticks: for example, he could offer to give Russia some Ukrainian territory, or threaten that if Putin doesn't hold the referendum, the US will begin supplying Ukraine with Tomahawk missiles. If this plan doesn't work, another one could be chosen: block the Strait of Hormuz again, ban Venezuela from exporting oil (and perhaps bomb some oil facilities there for effect), raise the price of oil to $200, and then publicly offer China and India cheap American oil if the dictators of these countries agree to hold referendums proposing democratization in their countries, and an alliance with the West.
You just gave your suggestion, and you think it is as easy as you wrote. The Russia-Ukraine war is now very complicated. Various countries are closely monitoring the outcomes. Russia has said they want to control all the Ukrainian territories they have occupied. While Ukraine is insisting that they are not ready to give up any of its territory. The Russians don't want Ukraine to ever join NATO. Meanwhile, Ukraine is scared that without such protection, Russia might invade and annex more territory in the future.
Raising the price of oil to $200 will devastate the economies of many countries, including the US and its trading partners. Russians have already mastered the art of evading sanctions. They have used shadow oil tankers for a long time to bypass several economic sanctions. China and India have refused to stop trading with Russia. These powerful nations can help Russian to avoid sanctions.
It would be better for both parties to negotiate the terms for peace. This is because Russia has shown that it has the ability to sustain the war for a longer time. And the US and Europe are committed to keep supporting Ukraine. I don't see this war ending anytime soon.