US Considers Removing Sanctions on Iranian Oil Stranded in Tankers

Treasury Secretary Scott Bessent hinted that the US may soon remove sanctions on Iranian oil stranded at sea. This move aims to curb soaring oil prices caused by Iran's closure of the Strait of Hormuz.

Bessent stated that the release of the sanctioned Iranian oil into global supplies could help keep oil prices down for 10 to 14 days. The US has already taken a similar step with Russian oil, adding around 130 million barrels to global supplies.

A source close to the Treasury's planning said that if the Trump administration eases sanctions on Iranian oil, one option would be a waiver allowing sales of crude already stranded at sea and confined to a narrow time frame. This could accelerate the diversion of oil destined for China into global markets more broadly.