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Treasury Secretary Bessent Lifts Iran Oil Sanctions to Prevent Oil Price Surge Above 100 Dollars Per Barrel
Published 2 weeks, 2 days ago
Description
Treasury Secretary Scott Bessent recently announced a bold plan to temporarily lift sanctions on 140 million barrels of Iranian crude oil already on tankers at sea. According to The Street, this move aims to flood global markets with supply and keep oil prices from surging past 100 dollars per barrel amid Operation Epic Fury, the United States and Israeli military campaign against Iran. Bessent explained on Fox Business Networks Mornings with Maria that the oil, previously sold at steep discounts to China, would now flow at market prices to allies like Japan, South Korea, Malaysia, Singapore, and India. The Treasury Department followed through on March twentieth with a strictly limited authorization, allowing only the sale of this stranded oil and barring new purchases or production, as reported by The Hill.
The Hill reports that Bessent framed this as using Irans own oil against it, since Iran would struggle to access the revenue due to ongoing restrictions on its financial system. This unsanctioning forms part of a larger effort adding around 440 million barrels to markets, including 130 million barrels of previously unsanctioned Russian crude and a record 400 million barrel coordinated release from strategic petroleum reserves. Just International notes that the Strait of Hormuz closure has slashed oil flows from 20 million barrels per day to near zero, driving United States gasoline prices up over 85 cents per gallon.
In other news, Eurasia Review mentions Bessent complained about not being consulted on an appointment, though details remain sparse. An Instagram post from Mimi Swaby indicates Bessent pledged to buy Argentine pesos, possibly funded by United States resources, but specifics are limited. At the World Economic Forum in Davos, LAist reports Bessent called California Governor Gavin Newsom economically illiterate after criticizing his scheduled appearance at the United States venue, amid tensions with the Trump administration.
These steps highlight Bessents focus on stabilizing energy markets during geopolitical strain.
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The Hill reports that Bessent framed this as using Irans own oil against it, since Iran would struggle to access the revenue due to ongoing restrictions on its financial system. This unsanctioning forms part of a larger effort adding around 440 million barrels to markets, including 130 million barrels of previously unsanctioned Russian crude and a record 400 million barrel coordinated release from strategic petroleum reserves. Just International notes that the Strait of Hormuz closure has slashed oil flows from 20 million barrels per day to near zero, driving United States gasoline prices up over 85 cents per gallon.
In other news, Eurasia Review mentions Bessent complained about not being consulted on an appointment, though details remain sparse. An Instagram post from Mimi Swaby indicates Bessent pledged to buy Argentine pesos, possibly funded by United States resources, but specifics are limited. At the World Economic Forum in Davos, LAist reports Bessent called California Governor Gavin Newsom economically illiterate after criticizing his scheduled appearance at the United States venue, amid tensions with the Trump administration.
These steps highlight Bessents focus on stabilizing energy markets during geopolitical strain.
Thank you for tuning in, listeners. Please subscribe for more updates. This has been a Quiet Please production, for more check out quietplease.ai.
For more http://www.quietplease.ai
Get the best deals https://amzn.to/3ODvOta
This content was created in partnership and with the help of Artificial Intelligence AI