U.S. Treasury Secretary Bessent said the U.S. hinted it would drop sanctions on Iran and could release stranded oil tankers

The United States is considering a major policy shift to lift sanctions on Iranian oil currently stranded on tankers at sea. U.S. Treasury Secretary Scott Bessant said on Thursday the move was aimed at increasing global crude supplies and easing price pressures.

“In the next few days, we may lift sanctions on Iranian oil at sea. That’s about 140 million barrels,” Bessant told Fox Business. He added that there is a considerable amount of Iranian crude currently parked on ships that may soon be allowed to flow into global markets. track Real-time updates on the US-Iraq war

Bessant claimed the volumes were enough to temporarily offset supply shortages caused by disruptions in the region. He said the extra supply could help control prices over the next 10 to 14 days at a time when global markets are facing a supply gap.

The move marks a shift from a long-standing U.S. policy of relying on energy sanctions to pressure Iran over its nuclear program. However, before that, Russia also temporarily relaxed its oil restrictions.

The U.S. Treasury Department has allowed the sale of sanctioned Russian oil stuck on tankers in the past.

“It can flow into Malaysia, Singapore, Indonesia, Japan, India – these countries are all great at this.”

“As we continue this campaign, we will use Iranian oil against the Iranians to drive prices down over the next 10 or 14 days,” he told ABC.

Asia, which relies heavily on Persian Gulf crude oil imports, is one of the regions most vulnerable to supply disruptions. Refiners in the region have begun looking for alternative sources, including increasing imports from the United States.

The proposal comes as regional tensions trigger a wider supply crunch.

Bloomberg cited traders and analysts as saying more than 15 million barrels per day of oil flows were disrupted.

Prices are likely to rise further due to ongoing risks to energy infrastructure.