U.S. to Ease Sanctions: A Boost in Global Oil Supply

The U.S. may soon lift sanctions on Iranian oil stranded on tankers to increase global oil supplies and reduce prices. U.S. Treasury Secretary Scott Bessent announced that around 140 million barrels of Iranian oil might be released in the coming days.

The United States is poised to remove certain sanctions on Iranian oil stranded on tankers, in a bid to increase global oil supplies and bring down prices. This announcement came from U.S. Treasury Secretary Scott Bessent on Thursday.

Bessent highlighted the magnitude of the potential impact by revealing that approximately 140 million barrels of Iranian crude could soon enter the market. His remarks were made during an appearance on Fox Business Network's "Mornings with Maria."

The potential easing of sanctions is anticipated to provide relief to global oil markets, reeling from recent volatility and pricing pressures. The decision may signal a strategic shift in U.S. policy aimed at stabilizing energy prices worldwide.

(With inputs from agencies.)