US lifts sanctions on Iranian oil at sea in bid to ease supply pressures
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The US Treasury Department issued a 30-day sanctions waiver allowing the purchase of Iranian oil already at sea, aiming to ease global energy supply pressures. Treasury Secretary Scott Bessent stated the move would release approximately 140 million barrels of oil to the market, offsetting supply constraints linked to the US-Israeli war on Iran. This is the third temporary sanctions relief measure in recent weeks, following similar actions regarding Russian oil and a general license for certain Iranian crude oil sales. The US claims this action will use Iranian oil to keep prices down while maintaining pressure on Iran's financial system, limiting their access to revenue. Analysts have raised concerns that the policy could inadvertently benefit Iran's war efforts, despite the US Treasury's assurances.
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