Treasury Secretary Scott Bessent said the US is looking to remove sanctions that it has long imposed on Iranian oil in an effort to lower surging energy prices triggered by its war in the Gulf, and could also look at a unilateral release of its own reserves.
“In the coming days, we may unsanction the Iranian oil that’s on the water,” Bessent said on Fox Business Thursday. The US is already allowing Iranian oil to pass through the Strait of Hormuz, and that nation has about 140 million barrels afloat now, the Treasury chief said. “Depending on how you count it, that’s 10 days to two weeks of supply.”
