US EditionBessent says US may lift sanctions on Iranian oil stuck at sea
U.S. Treasury Secretary Scott Bessent said lifting sanctions on 140 million barrels of Iranian oil at sea could ease supply and lower prices for up to two weeks.
- On March 19, 2026, U.S. Treasury Secretary Scott Bessent said the U.S. may lift sanctions on Iranian oil stranded on the water to blunt Iran's leverage over the Strait of Hormuz.
- Brent crude's jump to $118 a barrel pushed American drivers to $3.884 per gallon on Thursday, pressuring policymakers amid shipping disruptions through the Strait of Hormuz.
- The Treasury has already freed about 130 million barrels of Russian cargoes, and Bessent said roughly 140 million barrels of Iranian oil could be freed, totaling about 260 million barrels, he said.
- A Department of Energy spokesperson Ben Dietderich said there are currently no plans for another SPR release, while U.S. military advisers pushed for a smaller draw of about 50 million barrels.
- Bessent positioned the measure as a temporary chokepoint, urging allied navies and partners to secure the strait amid a broader campaign; analysts called lifting Iranian oil sanctions a remarkable step echoing recent easings on Russian and Venezuelan oil.
74 Articles
74 Articles
Trump Administration Eyeing Removal of Sanctions on Iranian Oil
Evan Vucci/APThe White House is looking to lift sanctions on Iranian oil to curb rising oil prices, Treasury Secretary Scott Bessent said Thursday.The unusual move comes as the price of oil has spiked in recent days, adding pressure on the White House to justify the war to consumers whose gas prices have begun to soar.“In essence, we'd be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days, as we cont…
Treasury eyes lifting sanctions on Iranian oil
Desperate to rein in oil prices as they broke $119 a barrel early this morning, the Trump administration teased new plans to free up additional supply. Treasury Secretary Scott Bessent told Fox Business his department may soon lift sanctions on “about 140 million barrels” of Iranian oil already in transit. He also floated another release from the Strategic Petroleum Reserve as one of “lots of levers” officials can pull. In a meeting between oil …
Trump's window for face-saving exit may be closing now
The developments of the past 24 hours may prove a turning point in this war: Israel and America’s escalation by striking oil facilities at the Qatari-Iranian Pars field, and in Asaluyeh, Iran's massive retaliation against oil and gas installations in Saudi, Qatar and beyond, which shot up oil prices, the near downing of an American F-35 fighter by Iran, and Secretary Bessent's revelations that the U.S. may un-sanction Iranian oil on the waters t…
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