U.S. eases Iranian oil sanctions in scramble to contain energy prices, handing Tehran a boost
NBC News
In a twist of wartime irony, the United States has moved to ease sanctions on Iranian oil to cool surging energy prices, a potential boon for Tehran.
In a twist of wartime irony, the United States has moved to ease sanctions on Iranian oil to cool surging energy prices, a potential boon for Tehran as Washington scrambles to contain the economic shockwaves of its military campaign.
Treasury Secretary Scott Bessent said Friday the easing of sanctions, first imposed after Iran's 1979 revolution, would be “narrowly tailored” and only temporary, “permitting the sale of Iranian oil currently stranded at sea.”
“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran,” Bessent added.
About 20% of the oil that the world consumes every day travels via the Strait of Hormuz, which runs along part of Iran’s coast. But since the war began at the end of February, shipping in the channel has come to a halt.
Retail gas prices have risen 93 cents per gallon and U.S. crude oil has soared more than 70% since the start of the year, as geopolitical strategy and economic reality collide.
Iran launched attacks against Qatar's Ras Laffan Industrial City and other Gulf energy infrastructure after Israel bombed the South Pars gas field.
Follow NBC News for live updates on the latest about the war with Iran and the energy crisis.
Iran's Houthi proxy forces in Yemen say they are poised to attack the Red Sea shipping route, risking another peril for the world economy.
Israel has again shown its unrivaled ability to assassinate high-level enemies, announcing the killing Tuesday of the man widely seen as running Iran
Israel has again shown its unrivaled ability to assassinate high-level enemies, announcing the killing Tuesday of the man widely seen as running Iran
Follow NBC News for live updates on the latest about the war with Iran, where the U.S. launched bunker buster bombs, while Israel struck Lebanon.
Cuban President Miguel Díaz-Canel said the country was running on about 40% of the fuel it needs. Women are giving birth in dark hospitals with no power.
Ali Larijani, Iran’s top national security official and one of the regime's most powerful figures, was killed in overnight strikes, Israel said Tuesday.
As the U.S. and Cuba hold conversations to decide the island’s fate, food and medicine there are scarce or unaffordable, and simple tasks like cooking are burdensome.
Moscow has been hit by a major mobile internet blackout as the Russian government tightens restrictions it has touted as necessary to ensure the “security” of its citizens.
Cuban nationals living abroad in places such as Miami will be allowed to invest in the private sector and own businesses in their homeland, the country's economic czar has told NBC News in an exclusive interview.
Follow live news and the latest updates on the Iran war.
KYIV, Ukraine — As the conflict in the Middle East escalates, Ukraine could prove to be an invaluable trove of battle-tested expertise from its own bitter and costly fight against Russia