US Treasury Secretary Scott Bessent stated on Thursday that Washington is contemplating the lifting of sanctions on Iranian oil that is currently loaded and in high seas. This consideration comes in light of skyrocketing energy prices, attributed to rising tensions and conflicts in the Middle East, particularly following Iran's attacks on Qatar's largest liquefied natural gas plant and its threats to target regional energy infrastructure. Bessent's remarks were made during an interview with Fox Business as fears of supply disruptions intensify due to the ongoing conflict.

The price surge follows escalated military confrontations, including Iran's recent attacks on the Ras Laffan plant in Qatar and Israel's strike on the South Pars-North Dome gas field shared by Iran and Qatar. The South Pars-North Dome reserve is known to be the largest gas reserve in the world and is crucial for supplying nearly 70% of Iran's domestic natural gas needs. These developments are contributing significantly to the instability in energy markets, prompting discussions in Washington about possible policy shifts regarding Iranian oil.

In addition to considering the lifting of sanctions, Bessent hinted that the US government might also release more oil from its strategic reserves to stabilize markets and prevent further price spikes. This dual approach reflects the urgent need to address the escalating energy crisis and is indicative of the US’s reactive position amidst complex geopolitical challenges in the region.