Balgarianovinite.com
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President Donald Trump lifted U.S. sanctions on Iranian oil on Friday in an effort to lower crude prices, which have surged since he ordered a massive bombing campaign of the country.
In response, Iran has effectively closed the Strait of Hormuz and has targeted U.S. military installations and various oil facilities in the Gulf region.
On Thursday, Treasury Secretary Scott Bessent suggested the U.S. would temporarily lift its longtime sanctions on Iranian oil.
“We knew there could be a temporary—and I want to emphasize temporary—chokepoint there, and there was 130 million barrels of floating storage,” Bessent told Fox Business. “In the coming days, we may unsanction the Iranian oil that’s on the water. It’s about 140 million barrels.”
On Friday, the Treasury Department’s Office of Foreign Assets Control officially lifted the sanctions via a General License, which expires on April 19.
The U.S. lifting sanctions on Iranian oil is a remarkable development and demonstrates the importance of the Strait of Hormuz, through which 20% of the world’s oil supply passes. Crude prices across the globe have spiked, as global supply has winnowed thanks to the closure, as well as the broader war itself.
Trump has indicated – at least publicly – that he is reluctant to hit Iran’s energy infrastructure. Last week, the president announced the U.S. had bombed military targets on Iran’s Kharg Island, which processes 90% of the country’s oil. He said he left the oil facilities intact, but would “reconsider” if Iran does not reopen the strait. And on Wednesday, he publicly rebuked Israeli Prime Minister Benjamin Netanyahu after Israel bombed a Persian Gulf natural gas field jointly owned by Iran and Qatar.
Speaking to reporters shortly before the license was issued, Trump said, “I think we’ve won” the war. And in a Truth Social post, the president stated that he is “considering winding down” operations, though thousands of U.S. Marines are headed to the region for a potential ground operation. Moreover, the Department of Defense is reportedly seeking $200 billion in supplemental funding for the war.
The post Trump Lifts Sanctions on Iranian Oil in WILD Turn of Events first appeared on Mediaite.
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