US weighs easing Iran oil sanctions amid Hormuz crisis: What to know
A possible move by the Treasury would reduce pressure on Iranian crude as Washington seeks to offset supply losses tied to Iran's virtual closure of the strait.
US Treasury Secretary Scott Bessent on Thursday floated the idea of unsanctioning some Iranian oil as the White House moves to contain an energy crisis triggered by the US-Israeli war against Iran, which has spilled over into the broader Middle East.
"In the coming days," Bessent said in an interview with Fox Business, "we may unsanction the Iranian oil that's on the water. It's about 140 million barrels."
He said that adding sanctioned Iranian oil to global supplies would help keep oil prices down for the next 10 to 14 days.
Why it matters: The remarks surprised some analysts, given the Trump administration’s typical policy of throttling Iran’s oil revenues through sanctions. Bessent’s comments came shortly after Brent crude surged to $118 a barrel on Thursday, and European natural gas prices jumped as much as 35% after fresh attacks on Gulf energy infrastructure.
