US Considers Easing Sanctions on Iranian Oil Stored on Tankers

Washington (ANTARA) - The United States is considering easing sanctions on Iranian oil stored on tankers offshore to increase global supply and suppress energy prices, Treasury Secretary Scott Bessent said on Thursday. “In the coming days, we may lift sanctions on Iranian oil at sea. The amount is around 140 million barrels,” Bessent told Fox News. He added that this volume equates to a supply for about 10 days to two weeks, depending on the calculation method. The statement comes amid escalating regional conflict since Israel and the United States launched joint strikes against Iran on 28 February, which reportedly killed around 1,300 people, including the then Supreme Leader, Ali Khamenei. In response, Iran launched drone and missile attacks in various areas and effectively closed the Strait of Hormuz, a vital global energy shipping route. The strait typically carries around 20 million barrels of oil per day as well as about 20 percent of the world’s liquefied natural gas (LNG) trade, so disruptions in the area are triggering significant pressure on global energy markets. Bessent said the United States plans to utilise that Iranian oil supply to suppress energy prices in the short term, for 10 to 14 days ahead “as we continue this campaign.”