US may remove sanctions on Iranian oil stranded in tankers, Bessent says

US treasury secretary says actions will increase oil supply and bring down prices, but long-term effects in question

The US may soon remove sanctions on Iranian oil stranded on tankers at sea, the treasury secretary, Scott Bessent, said on Thursday as Washington seeks to curb prices soaring over Iran’s closure of the strait of Hormuz.

“In the coming days, we may un-sanction the Iranian oil that’s on the water. It’s about 140m barrels,” Bessent said during an appearance on Fox Business Network’s Mornings with Maria.