The United States has lifted certain sanctions on Iranian oil.
The Treasury Department announced it will allow the delivery and sale of crude oil and petroleum products produced in Iran for a period of 30 days.
Treasury Secretary Scott Bessent stated that the authorization is “carefully limited” and only temporary, allowing “the sale of Iranian oil that is currently stranded at sea,” according to Sky News.
“By temporarily unlocking this existing supply for the world, the United States will quickly bring about 140 million barrels of oil to global markets, increasing overall energy supply and helping ease temporary supply pressures caused by Iran,” he added.
Oil and gas prices remain high; however, the cost has dropped from $119 per barrel of Brent crude yesterday to around $107 this morning—before the conflict, the price was about $72.
