US considers easing Iranian oil sanctions amid global price concerns

New Delhi, Mar 19: The United States may waive sanctions on Iranian oil exports as part of efforts to stabilise global energy prices, Treasury Secretary Scott Bessent has indicated as reported by the BBC.

In an interview with Fox Business, Bessent said the move could release around 140 million barrels of Iranian oil already at sea into global markets. The world currently consumes roughly 100 million barrels per day, making the potential supply boost significant, though its precise impact on prices remains uncertain.

The proposal forms part of a broader US push to increase oil availability, including the temporary suspension of sanctions on Russian oil and the release of 172 million barrels from strategic reserves. Bessent also suggested that Iranian oil tankers have been allowed to pass despite ongoing hostilities.

Addressing criticism that such measures could benefit adversaries, Bessent argued the US would effectively be “using the Iranian barrels against the Iranians” to keep fuel prices down in the short term, estimating relief could last between 10 and 14 days.

Meanwhile, tensions in the Gulf have intensified following Iranian strikes on key energy infrastructure. Iran, however, signalled a more hardline stance. Foreign Minister Abbas Araghchi said the strike on Qatar’s Ras Laffan energy complex used only a “fraction” of Iran’s capabilities. Writing on X, he warned that Tehran had shown restraint only in response to calls for de-escalation, and that there would be “zero restraint” if Iranian infrastructure were targeted again, reports the BBC. Araghchi also insisted that any resolution to the conflict must address damage to Iran’s civilian facilities, underscoring the fragile and rapidly evolving nature of the crisis.