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U.S. to Lift Sanctions on 140 Million Barrels of Iranian Oil

3/19/2026

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent announced plans to lift sanctions on 140 million barrels of Iranian oil stranded on tankers.
The move aims to ease prices that have topped $100 per barrel after the Strait of Hormuz closure.
Bessent said unsanctioning this oil could provide 10 to 14 days of supply.
The United States will not intervene in oil futures markets but will increase physical supply.

History

Historical Context

The Iranian Revolution in 1979 led to U.S. sanctions on Iranian oil, freezing $8.1 billion in assets and causing oil prices to soar to $39 per barrel. This disruption contributed to economic turmoil in the U.S. Today, Secretary Scott Bessent's proposal to lift sanctions on 140 million barrels of Iranian oil aims to address current prices exceeding $100 per barrel, reflecting ongoing geopolitical tensions.

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Story summary

U.S. Treasury Secretary Scott Bessent announced plans to lift sanctions on 140 million barrels of Iranian oil stranded on tankers.
The move aims to ease prices that have topped $100 per barrel after the Strait of Hormuz closure.
Bessent said unsanctioning this oil could provide 10 to 14 days of supply.
The United States will not intervene in oil futures markets but will increase physical supply.

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