US Treasury Secretary Scott Bessent has indicated a potential shift in American policy regarding Iranian oil. The move, considered a reversal of longstanding practice, could involve waiving sanctions on oil already in transit.
Bessent stated the US may act within days to unsanction Iranian oil supplies “on the water.” This action is intended to increase global supplies and subsequently reduce prices.
The consideration follows Iran’s closure of the Strait of Hormuz, a key waterway, and aims to curb soaring oil prices. Removing sanctions is expected to lower global prices, according to Bessent.