US May Remove Sanctions on Iranian Oil in Transit to Stabilize Energy Markets: Bessent

Treasury Secretary Scott Bessent said on March 19 that the United States may lift sanctions on Iranian oil currently in transit to bolster supply and stabilize energy prices. Ongoing U.S.–Israeli military operations against Iran have limited the transportation of crude oil and natural gas through the Strait of Hormuz. While there has been some traffic activity in the narrow waterway, it has not been enough to reverse the spike in global energy markets. But the latest measure to remove sanctions on Iranian crude stranded on tankers could free up about 140 million barrels of oil—equal to about two weeks of supply—Bessent said....