"In the coming days, we may un-sanction the Iranian oil that's on the water. It's about 140m barrels... We will be using the Iranian barrels against the Iranians to keep the price down for the next 10 to 14 days."
"A potential waiver could accelerate the diversion of oil already destined for China into global markets more broadly, helping ensure adequate supply and blunting Iran's leverage over the strait of Hormuz."
"The treasury would absolutely not try to intervene in oil futures markets, but would take actions to increase physical supplies to try to make up for the 10m-14m barrel-per-day deficit."
The US is considering removing sanctions on 140 million barrels of Iranian oil stranded on tankers to address rising oil prices. Treasury Secretary Scott Bessent indicated that this oil, primarily destined for China, could be released in the next 10 to 14 days. This move aims to counteract the impact of Iran's closure of the strait of Hormuz. Additionally, the US plans to release more oil from the Strategic Petroleum Reserve to mitigate supply deficits caused by recent disruptions.
Read at www.theguardian.com
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