U.S. Treasury Secretary Bessent proposes releasing stranded Iranian and Russian oil to stabilize soaring global oil prices.
U.S. Treasury Secretary Scott Bessent's statements made in mid-March 2026 have resonated significantly in global energy markets and the maritime sector. Bessent indicated that as a strategic move, particularly in light of the closure of the Strait of Hormuz and rising oil prices, the sanctioned oil from Iran and Russia that is currently stranded at sea could potentially be released.
In an interview with Fox Business, Scott Bessent stated that they could 'release the sanctioned oil at sea' to close the global supply gap and stabilize oil prices that have exceeded $100 per barrel.
The exemption does not cover new shipments.
According to Bessent's statement, the implementation will only cover oil cargoes that are already at sea and in the process of being shipped. New loadings and future shipments will continue to be subject to the existing sanctions regime.
In this context, there is a discussion about allowing limited entry of Iranian and Russian oil stranded at sea into the global market due to sanctions.
Objective: To stabilize oil prices.
The U.S. administration aims to stabilize rising oil prices due to increasing geopolitical tensions, particularly the risks in the Strait of Hormuz. The plan is to direct the oil stranded at sea into the market to address the short-term supply gap.
Experts believe this step has the potential to meet the supply needs of global markets for 10 to 14 days.
What does it mean for tanker traffic?
The mentioned exemption could provide significant relief for tankers that have been unable to complete their voyages due to the risk of sanctions. It may become possible for these vessels to unload their cargoes and re-enter the commercial cycle.
However, while the scope of the implementation remains limited, the overall U.S. sanctions policy against Iran and Russia continues to be in effect.
Hormuz message: Limited intervention.
Bessent also stated that the U.S. currently has no direct plans to block the passage of certain vessels through the Strait of Hormuz at this stage.
Source: SeaNews Türkiye
