The U.S. weighs lifting Iranian oil sanctions to keep price in check
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The Bottom Line
Trump administration considers lifting sanctions on Iranian oil at sea to prevent crude price spikes.
How This Affects You
Gas prices may stabilize or decline if the administration releases 140 million barrels of Iranian oil onto global markets, potentially lowering pump prices that have risen sharply.
AI Summary
Treasury Secretary Scott Bessent said Thursday the White House is considering lifting sanctions on Iranian oil currently at sea to prevent further crude price spikes. The move would unsanction approximately 140 million barrels — roughly 10 to 14 days of global supply — as Brent crude has climbed nearly 60% above pre-war levels to around $111 per barrel. The administration views the temporary relief as a tactical measure to keep prices down while pursuing other policies, including tanker escorts through the Strait of Hormuz and previously waived sanctions on Russian oil. Cornell University sanctions expert Nicholas Mulder noted the step reflects a reversal of the administration's negotiating position, as Iran had previously requested such relief without success in peace talks.
What's Being Done
Treasury Secretary Scott Bessent said the White House is considering the sanctions lift and may also waive restrictions on Russian oil.
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U.S. mulls lifting oil sanctions on Iran as it hits key Gulf energy sites - The Washington Post
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