Bessent: US may unsanction 140M barrels of Iranian oil at sea and release more from strategic reserves

Treasury Secretary Scott Bessent appeared on Fox Business on Thursday and revealed the US government is considering two major steps to address the energy crisis caused by the war: 1. UNSANCTION IRANIAN OIL: The US 'may unsanction the Iranian oil' already at sea — approximately 140 million barrels — allowing it to flow to market. This would represent a major contradiction of the US 'maximum pressure' Iran sanctions policy maintained since the Trump administration's first term. 2. STRATEGIC PETROLEUM RESERVE: The US could release additional oil from the SPR, supplementing previous SPR releases already undertaken. The statement reflects the Trump administration's deepening concern about the energy crisis. Last week the US removed sanctions on Russian oil at sea and even allowed Iranian-linked ships to transport and sell Russian oil. The tit-for-tat Gulf energy strikes have sent Brent crude up nearly 10% to $118/bbl, European gas up 30%, and caused global market selloffs. Unsanctioning 140M barrels of Iranian oil would directly benefit Iran's war economy — a profound strategic contradiction that reflects the severity of the energy crisis.