US Treasury Secretary Scott Bessent said on Thursday that the US was considering suspending sanctions on Iranian oil as it looks for ways to keep oil prices in check.
The move would affect about 140 million barrels oil that is already on the water, he told Maria Bartiromo on Fox Business.
It adds to other US efforts to boost oil supplies, including the suspension of sanctions on Russian oil and moving to relax shipping rules to ease shipments of oil and other commodities between US ports.
The world consumes about 100 million barrels per day of oil.
Earlier efforts by world leaders to ease price pressures, including an unprecedented release of oil reserves, have done little to reduce oil prices.
Meanwhile, Iran has also suspended the flow of gas to Iraq to shore up domestic supplies, a senior Iraqi official told Reuters.
The vast majority of Iran’s gas supply – 94% – is used domestically, according to data from the Gas Exporting Countries Forum.
