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Bessent says US may lift sanctions on Iranian oil stuck at sea
The U.S. plans to waive sanctions on about 140 million barrels of Iranian oil stranded at sea to add supply and ease price spikes caused by Middle East conflict.
- On March 19, U.S. Treasury Secretary Scott Bessent said the White House is weighing temporarily lifting sanctions on Iranian crude on tankers at sea, adding, "The U.S. may unsanction Iranian oil on water in coming days."
- Supply shocks from fighting have pushed oil above $100 a barrel, with Brent rising to as high as $118 after U.S.-Israeli strikes and Iranian attacks disrupted flows through the Strait of Hormuz.
- The Treasury posted a general license allowing Iranian crude on vessels to be sold, following recent waivers for Russian oil and enabling supplies to reach Asia within three or four days.
- The move could add about 140 million barrels to markets, and officials say the extra supply would hold prices down for 10 to 14 days while the U.S. may release more SPR beyond the coordinated 400 million barrels, with revenue-access assurances limiting Iran.
- Some analysts say the decision to ease sanctions signals a radical pivot, while coordination with allies including Japan and benefiting China ties the move to broader geopolitical efforts.
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After striking Iran, US eases sanctions on Iranian oil to curb prices
United States Treasury Secretary Scott Bessent said on March 21 that by releasing the 140 million barrels of sanctioned Iranian oil that China is hoarding at low prices, the U.S. could quickly ease temporary supply pressures in global markets.
·Kyiv, Ukraine
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US Allows Temporary Sale of Iranian Oil To Stabilise Global Markets, Says Treasury Secretary Scott Bessent
US Treasury Secretary Scott Bessent on Friday (global time) announced a temporary authorisation permitting the sale of Iranian oil currently stranded at sea, aimed at stabilising global energy markets amid rising tensions. In a post on X, Bessent said, 'Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea.' US Allows Temporary Sale of Iranian O…
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Total News Sources148
Leaning Left28Leaning Right32Center32Last UpdatedBias Distribution35% Center, 35% Right
Bias Distribution
- 35% of the sources are Center, 35% of the sources lean Right
35% Right
L 30%
C 35%
R 35%
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