The US may soon lift sanctions on approximately 140 million barrels of Iranian oil stranded aboard tankers, Treasury Secretary Scott Bessent announced Thursday.
Speaking on Fox Business Network’s Mornings with Maria, Bessent said the release would inject 10 to 14 days of supply into global markets and help curb oil prices above $100 per barrel. The move follows Iran’s closure of the Strait of Hormuz and attacks on shipping lanes.
Bessent noted a similar recent action allowed the sale of sanctioned Russian oil from tankers, adding 130 million barrels to supply. A potential waiver-mirroring that model-could redirect Iranian crude already en route to China into broader global markets, weakening Tehran’s leverage over the strategic waterway.
The Treasury also plans additional physical supply measures, including a unilateral draw from the US Strategic Petroleum Reserve beyond last week’s coordinated G7 release of 400 million barrels. Bessent stressed the US will not intervene in oil futures markets, only boost physical supply to offset the 10-14 million barrel-per-day shortfall caused by the Hormuz closure.
Japan, praised by President Trump for its response, is expected to deploy advanced minesweepers and tap its large petroleum reserves. Meanwhile, Bessent labeled China an “unreliable” supplier after it halted exports of jet fuel and other refined products across Asia.