US lifts sanctions on Iranian oil at sea for one month

The United States has announced the temporary lifting of sanctions on the sale of Iranian oil stranded at sea in an effort to cool down soaring global crude prices. US Treasury Secretary Scott Bessent said the temporary measure will make available 140 million barrels of Iranian oil to global markets. “This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production,” Bessent said in a long post on X. The price of Brent crude has witnessed sharp swings from roughly $70 per barrel before the war began to as…