The Trump administration is temporarily allowing the sale of 140 million barrels of Iranian oil stranded at sea to alleviate rising oil prices in the US amid the war with Iran. Treasury Secretary Scott Bessent announced the move, emphasizing it is a short-term authorization limited to existing supply and will not benefit Iran financially while maintaining pressure on Tehran.
by JESSICA A. BOTELHO | The National News DeskFILE - U.S. Treasury Secretary Scott Bessent looks on before an event celebrating 2025 MLS Cup Champions Inter Miami CF in the East Room of the White House on March 5, 2026 in Washington.
The Trump administration is temporarily issuing "a narrowly tailored, short-term authorization" to allow the sale of Iranian oil currently stranded at sea, Treasury Secretary Scott Bessent announced on Friday night. He said it will "quickly bring approximately 140 million barrels of oil to global markets" as prices skyrocket across the U.S. amid the war with Iran. "At present, sanctioned Iranian oil is being hoarded by China on the cheap. By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran," Bessent wrote on X. "In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," he added.Bessent said the "short-term authorization is strictly limited to oil that is already in transit." He added that it does not allow new purchases or production. "Further, Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system," he also noted., although the U.S. is sending more troops to the region. He listed the five following goals for the operations in a post he shared on Truth Social:Protecting Middle East allies, including Israel, Saudi Arabia, Qatar, the United Arab Emirates, Bahrain, Kuwait, and others Trump also spoke to reporters on the White House lawn before he headed to Florida for the weekend, saying he thinks NATO lacks the courage to help the U.S. with the Strait of Hormuz. The Strait of Hormuz remains a key shipping route as energy markets remain shaken from the route's blockage. According to a new Reuters/Ipsos poll, 55% of Americans said the war's effect on gas prices impacted their overall finances.Joseph was arrested on Thursday on two separate charges related to an incident that allegedly occurred in Florida in 2020.A federal judge said Thursday he will rule in favor of Washington state and a coalition of 20 other states and the District of Columbia, blocking what they callWSDOT said two slides struck northbound I-5 near mileposts 248 and 249. One of the slides is fully blocking the highway.For over a year, the old Molbak's Home + Garden site has sat vacant in the heart of downtown Woodinville.The 67-year-old business officially closed its doors iFor more than a month, the search for Nancy Guthrie has played out in Tucson, Arizona, with the mystery surrounding her disappearance only growing.
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U.S. Authorizes Sale of Stranded Iranian Oil to Stabilize Prices Amidst Global TensionsThe U.S. government has temporarily authorized the sale of approximately 140 million barrels of Iranian oil currently at sea to alleviate rising energy costs and counter supply chain disruptions caused by the ongoing conflict. This move is part of a broader strategy aimed at stabilizing global markets, exerting pressure on Iran, and protecting U.S. allies in the Middle East.
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US Authorizes Limited Iranian Oil Sale to Stabilize Global MarketsThe Trump administration is temporarily allowing the sale of 140 million barrels of Iranian oil stranded at sea to address rising global oil prices, Treasury Secretary Scott Bessent announced. This move aims to expand global energy supply and counteract Iran's influence while maintaining pressure on Tehran.
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