U.S. mulls lifting oil sanctions on Iran as it hits key Gulf energy sites [View all]

Source: Washington Post

Oil and gas prices have surged as Iran intensified strikes on facilities across the Persian Gulf, prompting the Trump administration to consider lifting sanctions on millions of barrels of Iranian oil as other global leaders call for de-escalation.

The price of Brent crude, the global oil benchmark, briefly climbed past $117 per barrel before settling around $111 Thursday, as Gulf states reported more attacks on critical infrastructure. The price of European natural gas futures also rose.

As the latest attacks rattled markets, U.S. Treasury Secretary Scott Bessent said the administration may lift restrictions on Iranian oil that has already been loaded onto vessels, a move that could help the regime generate funds for its war effort.

“In the coming days, we may unsanction the Iranian oil that’s on the water,” Bessent said on the Fox Business Network. “It’s about 140 million barrels.”

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