The United States may be on the verge of a significant policy shift in its approach to Iranian oil sanctions, Treasury Secretary Scott Bessent disclosed Thursday. Bessent told a television audience that Washington is actively considering temporarily lifting sanctions on Iranian crude currently stranded on tankers, as a way to add emergency supply to markets disrupted by Iran’s Hormuz blockade.
Iran’s closure of the Strait of Hormuz has removed an estimated 10 to 14 million barrels of oil per day from global markets, pushing crude prices above $100 per barrel for close to two weeks. The disruption has caused significant economic strain in oil-importing nations and has put pressure on the Trump administration to act decisively.
Bessent said about 140 million barrels of Iranian oil are currently sitting on tankers that had been destined for China. He argued that a temporary sanctions waiver would allow this oil to reach global buyers, providing roughly two weeks of supply relief while the US maintains its broader pressure campaign against Iran.
The Treasury previously used a similar waiver for Russian oil, which helped add approximately 130 million barrels to global supply. The US is also planning additional unilateral drawdowns from the Strategic Petroleum Reserve, beyond the 400 million barrel G7 joint release, while maintaining a strict policy of not intervening in financial energy markets.
Policy analysts and sanctions experts were skeptical. They warned that any proceeds from Iranian oil sales would benefit the Tehran government, potentially enabling it to sustain military activities and fund regional proxy forces. Critics described the proposal as a policy that trades short-term price relief for strategic compromise, potentially undermining years of carefully constructed sanctions pressure against Iran.