US lifts sanctions on Iranian oil at sea in bid to ease supply pressures
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The Bottom Line
US temporarily waives sanctions on Iranian oil to release 140 million barrels and ease global energy prices.
How This Affects You
Gas prices may decline as 140 million barrels of Iranian oil enter global markets, potentially lowering fuel costs for American consumers in the near term.
AI Summary
Treasury Secretary Scott Bessent announced the Trump administration has issued a 30-day sanctions waiver allowing purchases of Iranian oil at sea, a move intended to release approximately 140 million barrels to the market and relieve energy supply pressures. This is the third temporary sanctions waiver the US has issued in roughly two weeks amid the ongoing US-Israeli conflict with Iran. Bessent stated that while the measure aims to stabilize oil supplies, Tehran will not benefit from the transaction. The waiver represents a tactical reversal of the administration's maximum pressure sanctions policy on Iranian oil exports, signaling concern about energy prices amid regional military tensions. The temporary nature of the measure—expiring in 30 days—suggests the administration may reassess the policy depending on market conditions and geopolitical developments.
What's Being Done
Treasury Secretary Scott Bessent issued a 30-day sanctions waiver allowing Iranian oil purchases at sea; the measure expires in 30 days pending reassessment.
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Refiners in India, elsewhere in Asia look to buy Iranian oil after US waives sanctions - Reuters
Trump administration lifts sanctions on millions of barrels of Iranian oil - The Washington Post
U.S. Pauses Sanctions on Some Iranian Oil to Get More to Market - The New York Times
US lifts sanctions on Iranian oil at sea in bid to ease supply pressures - The Guardian
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The U.S. weighs lifting Iranian oil sanctions to keep price in check
<p>The White House is considering lifting <a href="https://www.axios.com/2025/06/27/trump-khamenei-iran-sanctions-relief-israel" target="_blank">sanctions</a> on Iranian oil that's at sea to keep oil prices down, Treasury Secretary Scott Bessent said Thursday.</p><p><strong>Why it matters:</strong> The administration is pulling out all the stops — even easing up an economic threat to its enemy in war — to keep down oil prices.</p><hr><p><strong>The latest: </strong>The price of Brent crude, the global benchmark, spiked 10% in just the past 24 hours, driving increasing worries among investors.</p><ul><li>Brent is now around $111 per barrel — nearly 60% higher than pre-war levels.</li></ul><p><strong>Zoom in:</strong> "In the coming days, we may unsanction the Iranian oil that's on the water," <a href="https://x.com/RapidResponse47/status/2034613274453393437" target="_blank">Bessent told </a>Fox Business Thursday morning. </p><ul><li>He said that would make up about 140 million barrel...
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