The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the US-Israeli war on Iran.
The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Treasury Secretary Scott Bessent posted on X.
The move reflects White House worries that the surge in oil prices after nearly three weeks of US and Israeli strikes on Iran will hurt US businesses and consumers ahead of the November midterm elections, when President Donald Trump’s fellow Republicans hope to retain control of Congress.