US mulls lifting oil sanctions on Iran
WASHINGTONPOST.COM
Oil and gas prices
SUMMARY

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.

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