Oil falls as U.S. weighs releasing sanctioned Iranian crude to cool prices [CNBC]
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Source: CNBC
Dwayne Schnell | 500px Plus | Getty Images U.S. oil prices extended their decline after Treasury Secretary Scott Bessent said Washington may soon lift sanctions on Iranian crude stored aboard tankers, a move aimed at easing price pressures following Iran's closure of the Strait of Hormuz. Brent crude, the international benchmark, lost 2% to $106 per barrel . U.S. oil prices slid 1.56% to $94.64 per barrel. “In the coming days, we may unsanction the Iranian oil that's on the water, about 140 million barrels,” Bessent told Fox Business Network He said bringing the sanctioned Iranian crude back into global markets would help cap prices over the next 10 to 14 days. Israeli Prime Minister Benjamin Netanyahu also told reporters that Israel is assisting U.S. efforts to reopen the Strait of Hormuz, according to wire reports. He added that Iran no longer has the capability to enrich uranium or produce ballistic missiles, adding that the war could end sooner than many expect. Citi
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