WASHINGTON: The US may soon remove sanctions from Iranian oil that is stranded on tankers to help lift global supplies and reduce prices, US Treasury Secretary Scott Bessent said on Thursday (Mar 19)."In the coming days, we may unsanction the Iranian oil that's on the water. It's about 140 million barrels," B

The move is to help lift global supplies and reduce prices, the US Treasury Secretary said. Read more at straitstimes.com. Read more at straitstimes.com.

U.S. may lift sanctions on Iranian oil in tankers to boost global supplies and lower prices, says Treasury Secretary Bessent.

U.S. may lift sanctions on Iranian oil in tankers to boost global supplies and lower prices, says Treasury Secretary Bessent.

US Treasury Secretary Scott Bessent said the addition of sanctioned Iranian oil into global supplies would help keep oil prices down for the next 10 to 14 days. Oil prices have been above $100 per barrel for much of the past two weeks as Iran has closed the Strait of Hormuz to shipping and has attacked tankers.

March 19 (UPI) -- Treasury Secretary Scott Bessent said Thursday that the United States may lift sanctions on Iranian oil already in transit to slow rising gas prices during the war in Iran.

The US Treasury Secretary Scott Bessent said that the United States will unsanction around 140 million barrels of Iranian oil that is on the cargo ships.