U.S. Considers Lifting Sanctions on Iranian Oil in Transit Amid Rising Global Prices

The United States is considering lifting sanctions on Iranian oil that is already in transit, a move aimed at easing global energy prices amid ongoing geopolitical tensions, Treasury Secretary Scott Bessent announced Thursday. This potential shift in policy comes as tanker traffic through the Strait of Hormuz has decreased due to attacks on commercial ships in the Persian Gulf.

Easing Supply Concerns

According to Treasury Secretary Bessent, the U.S. May remove sanctions from Iranian oil currently stranded on tankers to increase global supply and reduce prices [Reuters]. The U.S. Is also allowing Iranian oil tankers to transit the Strait of Hormuz to help supply the rest of the world [CNBC]. “We’ve let that happen to supply the rest of the world,” Bessent said.

Impact on Global Oil Markets

Iran currently exports approximately 1.5 million barrels of oil per day [CNBC]. The surge in oil prices has been directly linked to the disruption of tanker traffic in the region. Bessent indicated that the U.S. Anticipates a natural increase in tanker traffic as Iran allows more oil to be exported, and the U.S. Is currently comfortable with this development to ensure global supply [CNBC].

U.S. Position and Future Outlook

The Treasury Secretary emphasized that the U.S. Does not interfere with oil market operations and does not plan to do so [Latest York Times]. President Trump is reportedly urging nations reliant on the Strait of Hormuz to assist the U.S. In protecting tankers from Iranian attacks [CNBC]. The U.S. Believes some Chinese and Indian ships are also continuing to transit the strait [CNBC].

Bessent also suggested the U.S. May consider further releasing oil from its reserves [New York Times].