US Eases Oil Sanctions to Combat Rising Global Prices
In an effort to stabilize rocketing global oil prices, the United States has temporarily lifted sanctions on stranded Iranian oil, allowing 140 million barrels to enter global markets. This measure aims to mitigate supply shortages and continue economic pressure on Iran without allowing new oil production or purchases.
- Country:
- United States
In a strategic move to address soaring global crude prices, the United States has announced a temporary relaxation of sanctions on Iranian oil stranded at sea. The decision, revealed by US Treasury Secretary Scott Bessent, will release approximately 140 million barrels into the world market.
'This temporary, short-term authorization is strictly limited to oil already in transit and does not permit new purchases or production,' Bessent emphasized, highlighting that the measure is part of a broader effort to utilize existing supplies effectively.
The initiative comes as global petrol prices have surged, with Brent crude prices soaring to as high as USD 119.50 per barrel. The US administration asserts that the move is designed to relieve supply pressures while maintaining maximum economic pressure on Iran, amid ongoing geopolitical tensions.
ALSO READ
-
US pauses sanctions on Iranian oil stranded on tankers at sea until April 19, as Washington seeks to curb soaring prices, reports AP.
-
U.S. Permits Limited Iranian Oil Trade
-
US Sanctions Hezbollah's Global Financial Network
-
Sanction-Free Iranian Oil Poised to Soothe Asian Markets
-
US May Ease Sanctions on Iranian Oil to Curb Surging Prices
Google News