‘Bring 140 Mn Barrels To Global Markets’: After Russian Crude, US Eases Iran Oil Sanctions

The step could quickly release around 140 million barrels of oil into the global market. Much of the sanctioned Iranian oil is currently being held by China at low prices Amid the ongoing war, the United States has issued a 30-day sanctions waiver on Iranian oil currently at sea, aiming to ease concerns over global energy supply as the Middle East conflict continues to intensify. This comes days after the US lifted sanctions on Russian oil. US Treasury Secretary Scott Bessent said the authorisation applies only to Iranian crude and petroleum products already in transit. “This temporary, short-term authorisation is…