BANDITS STRIKE CHURCH IN KWARA: WORSHIPPERS ABDUCTED IN SHOCKING ATTACK. (PHOTO).
The White House is weighing the possibility of lifting sanctions on Iranian oil already at sea to help stabilize global oil prices, Treasury Secretary Scott Bessent said Thursday. The move would be aimed at easing the recent spike in Brent crude, which jumped 10% in just 24 hours and is now trading around $111 per barrel—nearly 60% higher than pre-war levels.
Bessent explained that unsanctioning Iranian barrels could add roughly 140 million barrels to the market, equivalent to 10 to 14 days of supply, using the oil itself to help contain prices. The administration has relied on a variety of measures to manage costs in recent weeks, including promising tanker escorts through the Strait of Hormuz, waiving the Jones Act, and temporarily lifting sanctions on Russian oil. Experts say easing Iranian sanctions in the middle of a conflict would be unprecedented, reflecting the pressure on the U.S. to offset the economic ripple effects of the war and stabilize the market.
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