Overwhelmed by War's Impact, US Lifts Sanctions on 140 Million Barrels of Iranian Oil

REPUBLIKA.CO.ID, LONDON – The United States is struggling to control global oil prices following its aggressive actions against Iran. Instead of imposing harsher sanctions on Tehran, the US has lifted sanctions on 140 million barrels of oil from the Mullahs’ country to lower oil prices.

US Treasury Secretary Scott Bessent stated that the lifting of these sanctions would bring approximately 140 million barrels of oil to the global market and help alleviate pressure on energy supplies.

According to The Guardian, this US move reflects the White House’s concerns that skyrocketing oil prices – up around 50% to over $100 per barrel, the highest since 2022 – would harm US businesses and consumers ahead of the November midterm elections. The Republican Party hopes to maintain control of Congress against Democratic pressure.

However, Bessent’s proposal to lift sanctions has raised concerns that it could benefit Iran’s war efforts. Tehran could rebuild its military strength to counter aggression from Uncle Sam and Zionist Israel.

“By temporarily opening up this existing supply to the world, the United States will quickly bring about 140 million barrels of oil to the global market, expanding the amount of energy worldwide and helping to ease temporary pressure on supplies caused by Iran,” Bessent said in a statement on X.

“In essence, we will use Iranian oil barrels against Tehran to keep prices low as we continue Operation Epic Fury.”

This is the third time the US has lifted temporary sanctions in about two weeks.

Previously, the US had eased sanctions on Russian oil, and on Friday issued a general licence allowing the sale of Iranian crude oil and petroleum products loaded onto ships starting from Friday until 19 April.