The United States is considering lifting sanctions on Iranian oil currently at sea to help stabilize global markets amid disruptions caused by Iran’s closure of the Strait of Hormuz, Treasury Secretary Scott Bessent said Thursday.
“In the coming days, we may unsanction Iranian oil that is on the water,”
Bessent told Fox News, referring to roughly 140 million barrels of oil, equivalent to about 10 days to two weeks of supply.
Bessent said the oil, originally destined for China, could be redirected to “keep global oil prices down” while maintaining pressure on Iran.
“In essence, we will be using Iranian oil against Iran as we continue this campaign,” he said.
The secretary added that the US anticipated the temporary closure of the Strait of Hormuz, through which about 20 percent of the world’s oil passes. “This is a temporary chokehold,” he noted.
Analysts say removing sanctions on oil already at sea could help offset supply shortages and prevent further spikes in global energy costs.
The move underscores Washington’s balancing act of easing market pressures without undermining its broader sanctions strategy against Tehran.
Bessent indicated that the decision would be finalized in the coming days, depending on developments in the region and global energy demand.
