19.03.2026 23:32
U.S. Treasury Secretary Scott Bessent announced that he could lift sanctions on Iranian oil waiting at sea in order to increase global oil supply and lower prices.
U.S. Treasury Secretary Scott Bessent stated that the U.S. could lift sanctions on Iranian oil at sea in order to increase global supply and lower prices.
U.S. CONSIDERING LIFTING SANCTIONS ON IRANIAN OIL
As attacks on Iran drive up oil prices, the U.S. may take a new step to lower prices. U.S. Treasury Secretary Scott Bessent expressed that the U.S. could lift sanctions on Iranian oil trapped in tankers to increase global supply and lower prices. Bessent said, "In the coming days, we may lift sanctions on Iranian oil at sea. This amount is approximately 140 million barrels. So, depending on calculations, this means a supply of 10 days to two weeks."
"WE ARE PROVIDING SUPPLY TO PHYSICAL MARKETS"
Bessent noted that adding sanctioned Iranian oil to global supply would help keep oil prices low over the next 10 to 14 days. Bessent stated, "So to be clear, we are not intervening in financial markets. We are providing supply to physical markets."
THE "STRAIT OF HORMUZ" EFFECT ON OIL
Iran's closure of the Strait of Hormuz and attacks on oil tankers pushed the price of oil above $100 per barrel. The U.S. Treasury recently took a similar step by allowing the sale of sanctioned Russian oil trapped in tankers. The Treasury stated that this step increased global supply by 130 million barrels.