Treasury Secretary Scott Bessent testifies before the Senate Committee on Banking, Housing, and Urban Affairs on Capitol Hill in Washington on Feb. 5, 2026. Madalina Kilroy/The Epoch Times
Treasury Secretary Scott Bessent said on March 19 that the United States may lift sanctions on Iranian oil currently in transit to bolster supply and stabilize energy prices.
Ongoing U.S.–Israeli military operations against Iran have limited the transportation of crude oil and natural gas through the Strait of Hormuz. Although there has been some traffic activity in the narrow waterway, it has not been enough to reverse the spike in global energy markets.
