U.S. Sanctions and Foreign Policy

Treasury Secretary Scott Bessent said Thursday that the White House is considering "unsanctioning" roughly 140 million barrels of Iranian oil already at sea in the coming days to blunt a rapid surge in global crude prices during the U.S.–Israeli war with Iran. Speaking on Fox Business, Bessent framed the move as using "Iranian barrels against the Iranians" to provide about 10 to 14 days of additional supply while the administration continues its military campaign, as Brent crude has jumped 10% in 24 hours to about $111 a barrel — nearly 60% above pre‑war levels. The idea would mark a striking wartime concession on a sanctions issue Tehran had pushed for in earlier negotiations, coming after the administration has already offered tanker escorts through the Strait of Hormuz, waived the Jones Act and temporarily relaxed some Russian oil sanctions to contain energy shocks. The White House referred questions to Treasury, which did not immediately provide further details, leaving open how such an “unsanctioning” would be structured and enforced. Sanctions experts note that dialing back Iran oil restrictions under wartime pressure, after refusing similar relief in peacetime talks, underscores how volatile the situation has become and how quickly Washington is burning through its economic levers to keep fuel prices from detonating politically at home.