WASHINGTON — The United States may soon ease sanctions on Iranian oil stored in offshore tankers in a bid to boost global supply and lower prices, Treasury Secretary Scott Bessent said Thursday.“In the coming days, we may unsanction the Iranian oil that’s on the water — about 140 million barrels,” Bessent told Fox News, adding that the volume could represent between 10 days to two weeks of global supply.He said the move could be used to stabilize markets amid ongoing volatility, noting that the US may deploy the barrels “to keep the price down for the next 10 or 14 days as we continue this campaign.”The remarks come as regional tensions have intensified following a joint US-Israeli offensive on Iran that began on Feb. 28 and has killed around 1,300 people so far.Iran has retaliated with drone and missile attacks across the region and has effectively closed the Strait of Hormuz — a key global oil transit route handling roughly 20 million barrels per day and about 20% of global LNG trade — disrupting energy markets worldwide.
Keep Up to Date with our Weekly Newsletter
