U.S. may lift sanctions on Iranian oil already shipped: Bessent

NEW YORK, March 19 (Xinhua) -- U.S. Treasury Secretary Scott Bessent said Thursday that the United States may lift sanctions on Iranian oil that is already in transit amid surging energy prices as a result of the U.S.-Israeli military strikes on Iran.

In an interview with Fox Business, Bessent said the move may free up about 140 million barrels of oil.

"In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign," he said.

Last week, the United States temporarily lifted sanctions on the sale of Russian oil that was already at sea, and the exemption will be in place until April 11.

The move has freed up 130 million barrels of oil for the global petroleum supply, Bessent said.

U.S. President Donald Trump has ordered the release of oil from the Strategic Petroleum Reserve and moved to boost oil production off the California coast. ■