US pauses sanctions on Iranian oil ‘stranded at sea’ to help curb skyrocketing energy prices

The Trump administration temporarily paused sanctions on Iranian oil “stranded at sea” Friday in an effort to curb soaring prices. “Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Treasury Secretary Scott Bessent announced on X. Bessent said easing sanctions would allow 140 million barrels of oil to hit global markets and help “relieve the temporary pressures on supply caused by Iran.” Sanctioned Iranian oil is presently being “hoarded by China on the cheap,” according to Bessent. “In essence, we will be using the Iranian barrels...