Bessent Says US May 'Unsanction' Iran Oil On The Water To Tame Crude Oil Prices: Report

Treasury Secretary Scott Bessent reportedly stated on Thursday that the United States will use Iranian crude oil barrels against the country to tame rising crude oil prices.

During an interview with Fox Business, Bessent stated that Iran currently has about 140 million barrels of crude oil loaded on ships on the seas.

“In the coming days, we may unsanction the Iranian oil that’s on the water. We will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign,” he said during the interview.

Bessent’s remarks come amid a continued rise in crude oil prices. U.S. West Texas Intermediate (WTI) crude futures maturing in May were up more than 2%, hovering around $97 a barrel at the time of writing. Brent crude futures expiring in May surged about 5% to hover around $113 a barrel, after inching close to the 52-week high of $119.5 per barrel.

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