US May Lift Sanctions on Iranian Oil Tankers, Petroleum Supplies to Reach Asia Within Days

LootboxPhobia · 2026-03-20T12:13:27+00:00

U.S. Energy Secretary Chris Wright indicated that the United States may soon lift sanctions on Iranian oil stranded at sea, with the oil expected to reach Asian ports within three to four days. This move is aimed at addressing supply and price pressures resulting from the closure of the Strait of Hormuz.

LootboxPhobia

2026-03-20 12:13:27

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Investing.com – U.S. Energy Secretary Chris Wright said on Friday that the United States may soon lift sanctions on Iranian oil currently stranded at sea, with the oil expected to arrive at Asian ports within three to four days.

Wright made the statement in an interview with Fox Business Network, confirming earlier remarks by Treasury Secretary Scott Bessent. Bessent said Thursday that Washington might soon lift sanctions on stranded Iranian oil to curb rising oil prices after Iran closed the Strait of Hormuz.

“In a few days, about three to four days, these oils will start arriving at ports,” Wright said.

The energy secretary added that the oil from Iran after sanctions are lifted will be absorbed by the market within the next 30 to 45 days.

This move comes as the U.S. government seeks to address supply concerns and price pressures caused by the closure of the Strait of Hormuz. The Strait of Hormuz is a critical shipping route for global oil supplies.

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