US Treasury Secretary Bessent says US may lift sanctions on Iranian oil

Washington (ANTARA) - United States Treasury Secretary Scott Bessent said on Thursday (19/3) that the US is likely to lift sanctions on Iranian oil already in transit amid surging energy prices resulting from the US-Israel military strikes against Iran. In an interview with Fox Business, Bessent stated that the move could release around 140 million barrels of oil. “Essentially, we will use those barrels of Iranian oil against Iran itself to keep prices low for the next 10 or 14 days as we continue this military campaign,” he said. Last week, the US temporarily lifted sanctions on Russian oil sales already at sea, with the exemption applying until 11 April. That action has released 130 million barrels of oil into the global supply, according to Bessent. US President Donald Trump has ordered the release of oil from the Strategic Petroleum Reserve and taken steps to boost offshore oil production in California.