LIVE: Trump Eases Sanctions on Iranian Oil Sale For 30 Days To Control Prices Amid US Iran War
The Trump administration has moved to ease sanctions for over 30 days on Iranian oil, allowing crude stranded at sea to enter global markets. The decision comes as oil prices have surged nearly 50%, crossing the $100-per-barrel mark following heightened tensions and disruptions around the Strait of Hormuz—a critical chokepoint through which roughly 20% of the world’s oil and LNG supplies pass. According to US Treasury Secretary Scott Bessent, the waiver could release up to 140 million barrels of oil into the global supply chain. US Energy Secretary Chris Wright said shipments could begin reaching Asian markets within 3 to 4 days.However, critics argue the waiver could indirectly boost revenues for Tehran, potentially strengthening its position during the war.
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