U.S. sanctions on some Iranian oil will be temporarily lifted to allow the sale of shipments that have already been shipped, Treasury Secretary Scott Bessent announced Friday.
The suspension of sanctions is intended to help reduce what the Trump administration sees as a short-term shock to global markets from the attacks on Iran launched by the United States and Israel three weeks ago.
Besant saidin a social media postthat the United States gives a temporary authorization to allow the sale of approximately 140 million barrels of Iranian oil exports.
“In fact, we will be using Iranian barrels against Tehran to keep prices down as we continue with Operation Epic Fury,” he said.
Oil prices have risen to more than $100 a barrel since the US launched airstrikes against Iran last month, sending gas prices soaring. Israel attacks a large Iranian gas field and Iranclosure of the Strait of Hormuzan important trade route that facilitates much of the world’s oil and natural gas trade, has helped fuel the increase.
The sale is approved for 30 days, according toa copy of the general licenseissued by the Treasury Department on Friday.
The announcement marks a modest reversal of a long campaign of U.S. economic pressure aimed at weakening Iran’s economy, although Bessent said the country would have “difficulty getting any revenue generated” from the sale.
“The United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system,” he added.
Trump appeared to acknowledge that he is aware that going to war with Iran could cause oil prices to rise, even as he praised the success of the US military operation and the strength of the economy.
“I expected it to be worse,” he told reporters at the White House on Friday. “I thought that oil prices would go up more.”
Besent said he believes the lifting of sanctions on Iran will benefit the US economy in the long run.
“Any short-term inconvenience now will eventually translate into long-term economic gains for Americans — because there is no prosperity without security,” he said.
Democratic Senator Jeanne Shaheen of New Hampshire, ranking member of the Senate Foreign Relations Committee, he said in response that the easing of sanctions gives the Iranian government a “financial leeway” as the Americans “continue to feel the impact” of the war.
“To say the president has no plan is ridiculous,” Shaheen said.
