In an interview with Fox Business on Thursday, Treasury Secretary Scott Bessent said that the Trump administration is considering a striking short-term move to cool oil prices, temporarily lifting sanctions on roughly 140 million barrels of Iranian crude already sitting on tankers at sea.
The idea, he said, is to use oil that Iran had already pushed into the market, much of it likely bound for China, to add supply quickly and blunt the latest price spike. "In the coming days, we may unsanction the Iranian oil that's on the water," Bessent said in an interview on Fox Business.
