US Treasury Secretary Scott Bessent has said Washington may consider lifting sanctions on Iranian oil that is already being transported at sea in a bid to ease rising global energy prices.
Bessent made the statement during an interview with Fox Business, noting that the move is being considered as part of broader efforts to stabilise oil markets affected by the ongoing conflict in the Middle East.
The comments come as oil and gas prices surged following Iranian attacks on energy infrastructure in the Gulf region, including a major liquefied natural gas facility in Qatar.
The escalating tensions have significantly disrupted global energy supply chains, particularly through the Strait of Hormuz, a critical route for oil shipments.
Roughly one-fifth of global crude oil and liquefied natural gas typically passes through the waterway, making it one of the most strategically important energy corridors in the world.
The disruption has contributed to a sharp rise in oil prices, with Brent crude climbing above $110 per barrel amid fears of prolonged supply shortages.
Bessent indicated that “unsanctioning” oil already in transit could provide immediate relief to global markets without requiring new production.
He also noted that the US government may release additional oil from its Strategic Petroleum Reserve to further stabilise prices.
The move follows a similar recent decision by the United States to temporarily allow the sale of sanctioned Russian oil that was already at sea, aimed at boosting supply.
The Trump administration has been under pressure to curb rising fuel costs as the conflict with Iran continues to impact global markets.
Analysts say the potential policy shift highlights the delicate balance between enforcing sanctions and maintaining energy stability during geopolitical crises.
Bessent made the statement during an interview with Fox Business, noting that the move is being considered as part of broader efforts to stabilise oil markets affected by the ongoing conflict in the Middle East.
The comments come as oil and gas prices surged following Iranian attacks on energy infrastructure in the Gulf region, including a major liquefied natural gas facility in Qatar.
The escalating tensions have significantly disrupted global energy supply chains, particularly through the Strait of Hormuz, a critical route for oil shipments.
Roughly one-fifth of global crude oil and liquefied natural gas typically passes through the waterway, making it one of the most strategically important energy corridors in the world.
The disruption has contributed to a sharp rise in oil prices, with Brent crude climbing above $110 per barrel amid fears of prolonged supply shortages.
Bessent indicated that “unsanctioning” oil already in transit could provide immediate relief to global markets without requiring new production.
He also noted that the US government may release additional oil from its Strategic Petroleum Reserve to further stabilise prices.
The move follows a similar recent decision by the United States to temporarily allow the sale of sanctioned Russian oil that was already at sea, aimed at boosting supply.
The Trump administration has been under pressure to curb rising fuel costs as the conflict with Iran continues to impact global markets.
Analysts say the potential policy shift highlights the delicate balance between enforcing sanctions and maintaining energy stability during geopolitical crises.
Filed under
#US policy
#Iran
#Oil market
#Sanctions
#Global economy
#Energy crisis
#Middle East conflict
#World news
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Summary
US may lift sanctions on Iranian oil already in transit to ease soaring global energy prices amid Middle East conflict and supply disruptions. US Treasury Secretary Scott Bessent has said Washington may consider lifting sanctions on Iranian oil that is already being transported at sea in a bid to ease rising global energy prices.Bessent made the statement during...
Key takeaways
- US may lift sanctions on Iranian oil already in transit to ease soaring global energy prices amid Middle East conflict and supply disruptions.
- US Treasury Secretary Scott Bessent has said Washington may consider lifting sanctions on Iranian oil that is already being transported at sea in a bid to ease rising global energy prices.Bessent made the statement during an interview with Fox Business, noting that the move is being considered as part of broader efforts to stabilise oil markets affected by the ongoing conflict in the Middle East.The comments come as oil and gas prices surged following Iranian attacks on energy infrastructure in the Gulf region, including a major liquefied natural gas facility in Qatar.The escalating tensions have significantly disrupted global energy supply chains, particularly through the Strait of Hormuz, a critical route for oil shipments.Roughly one-fifth of global crude oil and liquefied natural gas typically passes through the waterway, making it one of the most strategically important energy corridors in the world.The disruption has contributed to a sharp rise in oil prices, with Brent crude climbing above $110 per barrel amid fears of prolonged supply shortages.Bessent indicated that “unsanctioning” oil already in transit could provide immediate relief to global markets without requiring new production.He also noted that the US government may release additional oil from its Strategic Petroleum Reserve to further stabilise prices.The move follows a similar recent decision by the United States to temporarily allow the sale of sanctioned Russian oil that was already at sea, aimed at boosting supply.The Trump administration has been under pressure to curb rising fuel costs as the conflict with Iran continues to impact global markets.Analysts say the potential policy shift highlights the delicate balance between enforcing sanctions and maintaining energy stability during geopolitical crises.
- This story is filed under Foreign on Glow 99.1 FM.
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US may lift sanctions on Iranian oil already in transit to ease soaring global energy prices amid Middle East conflict and supply disruptions. US Treasury Secretary Scott Bessent has said Washington may consider lifting sanctions on Iranian oil that is already being transported at sea in a bid to ease rising global energy prices.Bessent made the statement during...
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Glow 99.1 FM published this story with Oyebade Oluwatobiloba listed as author.
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March 19, 2026
