U.S. Eases Sanctions on Iranian Oil in Strategic Move to Reduce Gasoline Prices

Treasury Secretary Scott Bessent has revealed a “narrowly tailored, short-term authorization” permitting the sale of oil originating from a nation currently in conflict with the US.

This temporary lift on sanctions targets 140 million barrels of oil that are presently at sea.

“Essentially, we will leverage Iranian oil supplies to counter Tehran and stabilize prices as Operation Epic Fury progresses,” Bessent explained.

He emphasized that this authorization is strictly confined to oil already in transit, prohibiting any new purchases or production.

Furthermore, Bessent noted that Iran will face challenges in accessing any revenue from these sales, as the United States continues to apply maximum pressure on Iran’s access to the global financial network.

The arrangement means that while other tankers are unable to move through the Strait of Hormuz for fear of being attacked by Iran, Iranian oil will still be able to be sold.

“At present, sanctioned Iranian oil is being hoarded by China on the cheap,” Bessent said.

“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets.”

Meanwhile, other countries who export through the Persian Gulf are desperately looking for ways to store the oil they cannot put on ships.

About 20 per cent of oil sold in the world is exported through the Strait of Hormuz.

Last week the US also authorised the purchase of Russian oil that had previously been sanctioned.

“I expected worse,” he said.

“I really thought that oil prices would go much higher when I did this.”

His statement inferred the responsibility of ensuring the Strait of Hormuz would be reopened would be on other nations.

“The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it — The United States does not,” he wrote.

“If asked, we will help these Countries in their Hormuz efforts, but it shouldn’t be necessary once Iran’s threat is eradicated. 

“”Importantly, it will be an easy Military Operation for them.”

“The enemy has been defeated,” Khamenei said.

“(Iranians have) dealt him a dizzying blow so that he now starts uttering contradictory words and nonsense.”

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