Iran Attacks Gulf Energy Sites: War Escalates, US Sanctions?

The U.S. Treasury Department is considering a temporary lifting of sanctions on approximately 140 million barrels of Iranian oil currently at sea, a move intended to stabilize global energy prices amid escalating tensions in the Persian Gulf, Treasury Secretary Scott Bessent announced Thursday.

Bessent framed the potential action as a tactical maneuver, stating the U.S. Would “use the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign,” according to remarks reported by Fox Business. The “campaign” referenced ongoing joint U.S.-Israeli operations against the Islamic Revolutionary Guard Corps (IRGC), which began February 28, 2026.

The move comes as Iran has intensified strikes on facilities across the Persian Gulf, prompting concerns about disruptions to energy supplies and a subsequent surge in oil and gas prices. According to Bessent, the oil currently afloat represents roughly 10 to 14 days of global supply. The U.S. Has already permitted Iranian oil to transit the Strait of Hormuz, but this potential action would go further by effectively allowing sanctioned oil to be sold.

Whereas Iranian oil exports have largely been directed toward China, the U.S. Intends to allow the released oil to reach other markets, including India, Malaysia, Singapore, Indonesia, and Japan, which Bessent described as “good actors.”

Bessent too indicated the possibility of a unilateral release from the U.S. Strategic Petroleum Reserve (SPR) to further stabilize prices, but stated the administration would not intervene in financial markets. He added that the U.S. Has not targeted Iran’s energy infrastructure during the current conflict.

The Treasury Secretary suggested that, combined with potential releases from other countries’ reserves, the total additional supply could reach approximately 260 million barrels. The decision to potentially unsanction Iranian oil is occurring alongside a broader U.S. Strategy to counter the IRGC’s influence in the region, and as the Trump administration assesses the impact of the ongoing conflict on global energy markets.