Treasury Secretary Scott Bessent made headlines Thursday when he confirmed the US is weighing a plan to lift sanctions on Iranian oil currently stranded on tankers in international waters. The potential measure is part of a multi-pronged effort to calm global oil markets that have been severely disrupted by Iran’s closure of the Strait of Hormuz.
The strait’s closure has removed a substantial volume of oil from world markets, with the daily supply deficit estimated between 10 and 14 million barrels. This disruption has pushed crude prices above $100 per barrel for nearly two weeks, causing concern across economies that depend on stable and affordable energy supplies.
Bessent said that roughly 140 million barrels of Iranian crude — originally bound for China — are sitting on tankers waiting for resolution of the current crisis. He framed the potential sanctions waiver as a two-week supply bridge, intended to keep prices manageable while US diplomatic and military efforts run their course.
A government insider confirmed the Treasury is modeling its approach on a waiver previously used for Russian oil, under which sanctioned crude stranded on tankers was permitted to be sold within a defined timeframe, adding roughly 130 million barrels to world supply. Alongside the potential Iranian waiver, Bessent confirmed an additional unilateral US Strategic Petroleum Reserve release is also being planned.
Independent analysts were skeptical that the plan would deliver lasting results. Experts warned that Iran would effectively profit from the oil sales, potentially receiving hundreds of millions of dollars that could support military operations and allied militant factions. The consensus among policy specialists was that the measure may ease prices briefly but could simultaneously bolster the very regime the US is working to constrain.