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Bessent says US may lift sanctions on Iranian oil stuck at sea
U.S. Treasury Secretary Scott Bessent said lifting sanctions on 140 million barrels of Iranian oil at sea could ease supply and lower prices for up to two weeks.
- On March 19, 2026, U.S. Treasury Secretary Scott Bessent said the U.S. may lift sanctions on Iranian oil stranded on the water to blunt Iran's leverage over the Strait of Hormuz.
- Brent crude's jump to $118 a barrel pushed American drivers to $3.884 per gallon on Thursday, pressuring policymakers amid shipping disruptions through the Strait of Hormuz.
- The Treasury has already freed about 130 million barrels of Russian cargoes, and Bessent said roughly 140 million barrels of Iranian oil could be freed, totaling about 260 million barrels, he said.
- A Department of Energy spokesperson Ben Dietderich said there are currently no plans for another SPR release, while U.S. military advisers pushed for a smaller draw of about 50 million barrels.
- Bessent positioned the measure as a temporary chokepoint, urging allied navies and partners to secure the strait amid a broader campaign; analysts called lifting Iranian oil sanctions a remarkable step echoing recent easings on Russian and Venezuelan oil.
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·Berlin, Germany
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Coverage Details
Total News Sources65
Leaning Left12Leaning Right13Center18Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 28%
C 42%
R 30%
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