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US Could Lift Sanctions on Iranian Oil at Sea to Increase Supply, Reduce Prices: Bessent
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US Considers Unsanctioning Iranian Oil to Boost Supply, Lower Prices: Bessent
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News18
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19-03-2026, 21:03
US Considers Unsanctioning Iranian Oil to Boost Supply, Lower Prices: Bessent
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US Treasury Secretary Scott Bessent announced potential unsanctioning of 140 million barrels of Iranian oil stranded on tankers.
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This move aims to increase global oil supply and reduce prices, providing 10 days to two weeks of supply.
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The Treasury previously allowed sale of sanctioned Russian oil, adding 130 million barrels to global supplies.
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US plans further actions, including unilateral release from Strategic Petroleum Reserve, to counter Strait of Hormuz deficit.
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President Trump to discuss Strait of Hormuz security with Japanese PM Sanae Takaichi, who may also release oil.
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