Washington Eyes Sanctions Relief As Middle East Tensions Spike Oil Prices

The United States is considering easing restrictions on Iranian oil already in transit as global energy prices spike amid escalating Middle East tensions.

US Treasury Secretary Scott Bessent said Washington could “unsanction” some shipments and potentially release additional reserves to stabilise markets.

Prices have surged following Iranian strikes on energy infrastructure in Qatar and threats to disrupt regional supply routes, particularly the Strait of Hormuz, a key global transit point.

The crisis intensified after military action involving Donald Trump’s administration triggered retaliatory moves from Tehran, severely disrupting shipping and tightening supply chains.

Benchmark Brent crude briefly jumped by 10 per cent before settling at about $112 per barrel.

The US has also taken similar steps recently by allowing the sale of sanctioned Russian oil already at sea and relaxing maritime rules to cushion the impact of rising energy costs.