US Treasury Lifts Sanctions on 140 Million Barrels of Iranian Oil

The US Treasury Department announced on Friday it was lifting sanctions on 140 million barrels of Iranian oil due to rising global prices and disruptions in maritime transport. The decision, according to the Treasury Department, will allow the sale of Iranian oil currently stranded at sea. The move comes as the increasing cost of oil has threatened economies across the globe since the start of the US-Israeli war against Iran last month. Secretary of the Treasury Scott Bessent said the US will quickly bring approximately 140 million barrels of oil to global markets by temporarily unlocking existing supply. A "General License" issued by the Treasury Department's Office of Foreign Assets Control permits the purchase of Iranian oil already loaded onto any vessel. The sanctions being temporarily set aside have been in place for years, with many originating during President Trump's first term.