Removing sanctions on Iran oil will bring supply to ports, US energy secretary says

By Reuters 20 March 2026, 3:55 pm

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Removing sanctions on stranded Iranian oil would get supplies to Asia within three or four days, US Energy Secretary Chris Wright says.

Treasury Secretary Scott Bessent said on Thursday that the US may soon remove sanctions on Iranian oil stranded on tankers at sea, as Washington seeks to curb prices that are soaring over Iran’s closure of the Strait of Hormuz.

“Within days, within three or four days, that oil will start to arrive at ports,” Wright says in an interview on Fox Business Network’s “Mornings with Maria” program.

Wright says the unsanctioned oil would then be refined and hit the market over the coming month and a half.

“I think that most of that oil will be absorbed in the next 30 to 45 days,” he says.