Trending Now - US Considers Lifting Sanctions on Iranian Oil in Tankers

WHO:

Scott Bessent, U.S. Treasury Secretary

President Trump

Israeli Prime Minister Benjamin Netanyahu

Blackstone Compliance Services’ David Tannenbaum

Capitol Peak Strategies founder Alex Zerden

Industry expert Javier Blas

WHAT:

The U.S. may lift sanctions on approximately 140 million barrels of Iranian oil stranded on tankers at sea.

Oil prices have been above $100 per barrel for much of the past two weeks.

Brent crude was trading at $105.18, down 3.19%, and West Texas Intermediate crude was at $92.57, down 3.12%.

The U.S. Treasury recently allowed the sale of 130 million barrels of sanctioned Russian oil stranded on tankers.

Bessent stated that the U.S. would not intervene in oil futures markets but would increase physical supplies.

Bessent mentioned a potential waiver for Iranian oil sales similar to the one used for Russian oil.

WHERE:

Strait of Hormuz

South Pars gas field, Iran

U.S. markets

WHEN:

Bessent made the statements on March 19th, 2026.

The potential unsanctioning of Iranian oil could occur in the coming days, specifically within 10 to 14 days from March 19th, 2026.

WHY:

The U.S. aims to curb soaring oil prices due to Iran's closure of the Strait of Hormuz and attacks on tankers.

The goal is to ensure adequate oil supply and reduce Iran's leverage over the Strait of Hormuz.

HOW:

The U.S. may use a waiver to allow the sale of Iranian oil already on the water.

Bessent indicated that the U.S. would release stocks from the Strategic Petroleum Reserve above a previous coordinated G7 release of 400 million barrels.

(UPDATED March 20, 2026 07:18 UTC)

In a significant development, U.S. Treasury Secretary Scott Bessent announced that the U.S. may lift sanctions on around 140 million barrels of Iranian oil currently stranded on tankers, with a potential decision expected within the next 10 to 14 days. This move comes as oil prices have surged above $100 per barrel, prompting the U.S. to seek ways to ensure adequate supply and reduce Iran's influence over the Strait of Hormuz, especially following recent attacks on tankers. Bessent also mentioned that the U.S. would not intervene in oil futures markets but plans to increase physical supplies, including the possibility of releasing stocks from the Strategic Petroleum Reserve.