U.S. may lift sanctions on tankers with Iran oil, supplies to reach Asia in days

Investing.com -- The U.S. may soon remove sanctions on Iranian oil currently stranded on tankers at sea, with supplies expected to reach Asian ports within three to four days, Energy Secretary Chris Wright said Friday.

Wright made the comments during an interview with Fox Business Network, confirming earlier statements from Treasury Secretary Scott Bessent. Bessent said Thursday that Washington may soon lift sanctions on the stranded Iranian oil as the U.S. seeks to curb rising prices following Iran's closure of the Strait of Hormuz.

"Within days, within three or four days, that oil will start to arrive at ports," Wright said.

The Energy Secretary added that oil from an unsanctioned Iran would be absorbed by the market within the next 30 to 45 days.

The move comes as the U.S. government looks to address supply concerns and price pressures stemming from the closure of the Strait of Hormuz, a critical shipping route for global oil supplies.

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