The US could lift sanctions on Iranian oil blocked at sea

Scott Bessent, the Treasury Secretary, announced that the United States could lift sanctions on approximately 140 million barrels of Iranian oil at sea, equivalent to 10-14 days of supply. This measure aims to prevent resources from being directed exclusively to China and to keep prices low in the international market.

Bessent explained that the Iranian barrels will be used "against the Iranians" to control oil prices in the next two weeks, in the context where Brent oil prices have exceeded 119 dollars per barrel, and West Texas Intermediate has reached 96.39 dollars per barrel. The actions of the U.S. government come against a backdrop of aggressive price increases, with a 5.6% rise recorded in a single day.

Also, last week, the U.S. granted a 30-day waiver for the use of Russian oil in transit, a measure that will not bring significant financial benefits to the Russian government.