The U.S. is weighing an oil policy shift amid the U.S.-Iran War. U.S. Treasury Secretary Scott Bessent outlined the plans today to ease sanctions on Iranian crude. He said about 140 million barrels stranded at sea could enter global markets within days. The move comes as oil prices surge past $100 and supply disruptions intensify after Iran closed the Strait of Hormuz.
U.S.-Iran War Drives Emergency Oil Measures
In a Fox Business interview, Scott Bessent said the U.S. may release Iranian oil already on tankers to stabilize prices. He said the volume equals roughly 10 to 14 days of global supply. He added the oil would have otherwise gone to China.
He explained the strategy aims to use Iranian barrels to offset price spikes during the ongoing U.S.-Iran war. However, he stressed the U.S. would act through physical supply increases, not financial market intervention.
This approach follows a similar step involving 130 million barrels of sanctioned Russian oil. Additionally, the IEA member states approved the collective release of 400 million barrels of oil. He added Washington could also carry out another unilateral SPR release if needed.
Supply Gaps Widen as Strait of Hormuz Closes
The U.S.-Iran War has disrupted a critical oil route after Iran shut the Strait of Hormuz. As a result, tanker attacks and halted shipments have driven prices sharply higher. Oil has remained above $100 per barrel for most of the past two weeks.
Meanwhile, Bessent noted a widening price gap between U.S. crude and global benchmarks. He said WTI now trades at a steep discount to Brent. This divergence reflects stronger U.S. supply, supported by domestic production and prior energy policies.
He also pointed to coordination with allies as a key step. President Donald Trump plans talks with Japanese Prime Minister Sanae Takaichi on maritime security. Japan may also release additional reserves, following earlier joint actions.
In addition, Bessent said China has reduced exports of refined products across Asia. This has added pressure to regional fuel markets during the disruption.
Energy Markets React to the Crisis
According to The Kobeissi Letter, global markets now face what could be the largest energy crisis on record due to the U.S.-Iran war. It reported U.S. crude trades at a $20 discount to Brent, one of the widest gaps seen. At the same time, physical crude prices in Oman exceed $150 per barrel.
European markets show further strain as natural gas prices increased by 30% in a single day. The report added that the price gap between Oman and U.S. crude has reached about $70 per barrel.
This indicates severe supply fragmentation across regions. Financial markets have reacted to the surge in energy costs. BTC dropped nearly $5,000 within 24 hours, with Bitcoin falling below $70,000, with analysts warning oil prices could surge above $200.
Source: TradingView
Gold also declined 7%, slipping under $4,550 per ounce. Silver followed the trend, dropping 15% to $66 per ounce. These declines due to the U.S.-Iran war come alongside stocks and broader crypto market sell-off linked to rising energy prices.
Source: https://coingape.com/u-s-iran-war-u-s-considers-easing-iranian-oil-sanctions-as-energy-prices-surge/
