U.S. Treasury Secretary: Iran Oil Sanctions May Be Waived


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The White House may waive sanctions on Iranian oil in 
the coming days to add to global crude supply impacted by the war in the Middle 
East, U.S. Treasury Secretary Scott Bessent said during a televised appearance 
on Thursday (3/19).

   The exemption on Iranian oil embargoes, if confirmed, would be the first 
move of its kind since 2018, when U.S. President Donald Trump reintroduced 
sanctions on Iran removed by his predecessor Barack Obama. After his return to 
office last year, Trump intensified U.S. targeting against Iranian oil to 
pressure Tehran into a nuclear deal.  

   A sanctions reprieve would also mark a radical pivot by Washington to manage 
the contagion from the near three-week long U.S.-Israel war against Iran that 
has seen an increasing number of energy casualties in the Middle East as Tehran 
responded with retaliatory fire against the oil and gas infrastructure of its 
neighbors. The White House announced earlier this week a 60-day suspension of 
sanctions on Russian oil that was already on water to add to global supplies as 
well.

   "The US may unsanction Iranian oil on water in coming days," Bessent said 
during his appearance on the Fox Business Network when asked what options the 
White House had in adding to global crude supplies to bring down oil prices, 
which had risen some 40% since the start of the Iran war.  

   The treasury secretary said the White House could also agree to release more 
crude from the U.S. Strategic Petroleum Reserve to add to the 172 million bbl 
release that the U.S. had announced last week.




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