00:00The U.S. may remove sanctions on Iranian oil stranded on tankers in a bid to boost global
00:06supply and ease prices. U.S. Treasury Secretary Scott Besant estimates around 140 million
00:13barrels of Iranian oil could be released, roughly equivalent to two weeks of supply.
00:21He said adding this sanctioned oil back into the market could help keep prices lower for
00:27the next 10 to 14 days. The U.S. is also considering other measures to increase supply, including a
00:34release from the Strategic Petroleum Reserve on top of last week's coordinated G7 release
00:39of 400 million barrels. The Treasury has recently allowed the sale of sanctioned Russian oil stranded
00:46on tankers, adding around 130 million barrels to global supplies. Oil prices have remained above
00:53100 U.S. dollars per barrel after Iran closed the Strait of Hormuz amid its conflict with
00:59the U.S. and Israel and threatened attacks on tankers in the area. It has contributed to
01:04an estimated global supply deficit of 10 to 14 million barrels a day.
