Treasury Secretary Scott Bessent has moved Iranian crude oil up the administration’s priority list as the sense of deadline in the Hormuz crisis intensifies, he revealed Thursday. Bessent confirmed the US is considering temporarily lifting sanctions on approximately 140 million barrels of Iranian crude stranded on tankers, as prices above $100 per barrel create mounting pressure for supply action.
The sense of deadline in the Hormuz crisis reflects the growing economic cost of the blockade, which has now removed between 10 and 14 million barrels of daily supply from global markets for close to two weeks. Each additional day of the blockade adds to the economic damage, creating a compounding pressure that has pushed Iranian crude higher on the administration’s list of supply priorities.
Bessent said the Iranian crude on tankers, originally destined for Chinese buyers, has been elevated in the priority list because of its combination of scale — approximately 140 million barrels — and availability. A targeted temporary waiver could release this oil to global buyers within days, providing roughly two weeks of price support during the US campaign against the Hormuz blockade.
Earlier priorities on the supply list have already been deployed, including a Treasury waiver for Russian oil that contributed approximately 130 million barrels to world supply. An additional unilateral US Strategic Petroleum Reserve release beyond the G7’s 400 million barrel commitment is also being prepared, while the administration has maintained its firm position against financial market intervention.
Experts observed the priority elevation with concern. Compliance professionals and national security analysts warned that moving Iranian crude up the priority list reflects the mounting economic pressure but does not resolve the strategic concerns about enabling Iranian oil revenues. Critics argued that the deadline pressure created by the blockade is exactly the kind of leverage Iran was hoping to achieve, and that capitulating to this pressure by enabling Iranian oil sales may validate Tehran’s use of the oil price weapon.