Treasury Secretary Scott Bessent broached waiving sanctions on oil already at sea, which would be a stunning reversal of longstanding American policy.
Treasury secretary Scott Bessent says move will bring 140m barrels to market but insists Tehran will not benefitThe Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US treasury secretary Scott Bessent said.It is the third time the…
The White House is considering lifting sanctions on Iranian oil that's at sea to keep oil prices down, Treasury Secretary Scott Bessent said Thursday.Why it matters: The administration is pulling out all the stops — even easing up an economic threat to its enemy in war — to keep down oil prices.The latest: The price of Brent crude, the global benchmark,…
The Trump administration lifted sanctions on Iranian oil stuck at sea on Friday evening as the conflict between the U.S. and Iran continues to hike up global energy costs. “Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Treasury Secretary Scott…
The U.S. Treasury has authorized the purchase of Iranian oil that's already at sea, exempting buyers from the tight sanctions that have restricted Iran's oil industry for years, as the Trump administration grapples with high oil prices.
Treasury Secretary Scott Bessent estimated that the move would add about 140 million barrels of crude to the oil market.
"We can recover, but it's not going to be quickly," Dan Geltrude said.
Bessent said easing sanctions would allow 140 million barrels of oil to hit global markets and help “relieve the temporary pressures on supply caused by Iran.”
The Trump administration temporarily lifted sanctions on Iranian oil Friday, allowing buyers to purchase shipments already at sea in a bid to ease soaring global energy prices.…
