Treasury Secretary Scott Bessent disclosed Thursday that the Iranian crude oil option is being weighed amid growing bipartisan pressure to address the economic impact of Iran’s Strait of Hormuz blockade, which has pushed oil prices above $100 per barrel for close to two weeks. Bessent said the potential temporary lifting of sanctions on approximately 140 million barrels of Iranian crude stranded on tankers is part of the administration’s comprehensive emergency supply response.
The bipartisan pressure on the administration has been mounting as the economic impact of the Hormuz blockade spreads across American industry, consumers, and allied economies. Iran’s blockade has removed between 10 and 14 million barrels of daily supply from global markets, and the sustained price surge has generated calls from both parties for rapid and effective government action.
Bessent confirmed the Iranian crude on tankers, originally heading toward Chinese buyers, as a potential supply response to the bipartisan pressure. A targeted temporary waiver could redirect approximately 140 million barrels to global markets, providing roughly two weeks of price relief while the US campaign to force Iran to reopen the strait continues.
The Treasury has previously responded to comparable pressure with a waiver for Russian oil that added approximately 130 million barrels to world supply. An additional unilateral US Strategic Petroleum Reserve release beyond the G7’s 400 million barrel coordinated commitment is also being planned, while the administration has maintained its firm opposition to financial market intervention.
Bipartisan critics and policy experts raised concerns about the Iranian crude option. Some lawmakers from both parties warned that enabling Iranian oil revenues — providing funds for military activities and proxy support — is not a measure that should be pursued simply because of short-term economic pressure. Sanctions compliance experts argued that bipartisan pressure should not override careful analysis of the long-term strategic consequences of weakening the Iran sanctions regime during an active conflict.