The U.S. Treasury has authorized the purchase of Iranian oil that's already at sea, exempting buyers from the tight sanctions that have restricted the country's oil industry for years — a move aimed at stemming soaring prices amid the U.S.'s war with Iran. "In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said in a statement, casting it as a way of "expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran." Ship traffic through the Strait of Hormuz — a chokepoint between Iran and the Arabian Peninsula that carries some 20% of the world's oil — has slowed to a crawl as oil tanker operators fear Iranian attacks, making it difficult for major Arab oil producers to export petroleum.
Author: Joe Walsh
Published at: 2026-03-20 23:20:51
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