US may remove sanctions on Iranian oil stranded in tankers, treasury secretary says

Treasury Secretary Scott Bessent announced Thursday that the Trump administration may remove sanctions on approximately 140 million barrels of Iranian oil currently stranded on tankers at sea. The move comes as Iran's closure of the Strait of Hormuz has driven up global oil prices, and the administration is seeking to increase supply and lower costs at the pump. Bessent said the decision could happen within days and framed it as an economic measure to ease price pressures. The longer-term geopolitical implications of the policy shift—involving both Iranian sanctions enforcement and Middle East tensions—remain uncertain.