U.S. Aims to Unleash Iranian Oil to Stabilize Global Market

The United States is considering lifting sanctions on Iranian oil currently stranded on tankers to help stabilize global supply levels and curb rising prices, Treasury Secretary Scott Bessent revealed. Speaking on Fox Business Network's 'Mornings with Maria,' Bessent said, 'In the coming days, we may unsanction the Iranian oil that's on the water. It's about 140 million barrels.'

Addressing the potential market impact of this decision, Bessent noted that adding the sanctioned Iranian oil to global supply could stabilize prices for at least 10 to 14 days. This comes against the backdrop of Iran's closure of the Strait of Hormuz, a crucial oil route, leading to elevated prices above $100 per barrel.

Bessent cited a similar strategy with Russian oil that introduced 130 million barrels into the market, while emphasizing reluctance to intervene in financial markets directly. Instead, the focus remains on boosting physical supply. Discussion on regional security involving President Donald Trump and Japanese Prime Minister Sanae Takaichi also aligns with these strategic measures to maintain stable oil flow through key passages.