US considers lifting sanctions on Iranian oil at sea

Lifting sanctions on Iranian oil stranded on tankers could help secure supplies to Asia within as little as three to four days, US Energy Secretary Chris Wright said on Friday.

Treasury Secretary Scott Bessent said on Thursday that Washington could soon lift sanctions on Iranian oil held on tankers at sea, in a bid to ease a price spike after Iran closed the Strait of Hormuz.

‘Within three or four days, that oil will start coming into the ports,’ Wright said. He added that it would then be processed by refineries and could reach the market within the next month and a half.

‘I think the majority of this oil will get to market within the next 30 to 45 days,’ he said.

(reuters, max)