US mulls lifting oil sanctions on Iran

Oil and gas prices have surged as Iran escalated strikes on Persian Gulf facilities. Brent crude briefly surpassed $117 per barrel amid attacks on infrastructure. U.S. Treasury Secretary Scott Bessent indicated potential easing of sanctions on Iranian oil already loaded on vessels, which could enable significant revenue for Iran.

Critics warn this could strengthen both Iran and Russia amid ongoing conflicts. The war's new phase threatens vital oil and gas production infrastructure, heightening fears of lasting global economic damage and increased oil prices, potentially exceeding $150 per barrel.

Leaders worldwide call for de-escalation, highlighting risks to civilian areas and oil facilities. The situation remains tense as Iran and Israel engage in retaliatory strikes, further complicating the energy market.