US Flips on Iranian Oil

US Treasury Secretary Scott Bessent on Friday said that Washington is opening up the sale of some Iranian oil and petrochemical products currently stranded at sea, as energy prices shot up amid an escalating conflict between the United States and Iran. Bessent said in a post on X that his department was issuing a temporary authorisation permitting the sale of the stranded Iranian oil. “Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” he wrote in a post on X.