U.S. Stance on Iran's Energy Infrastructure#
In a recent interview with Fox Business Network, U.S. Treasury Secretary Scott Bessent stated that the United States is not targeting Iran's energy infrastructure despite the ongoing conflict involving the U.S. and Israel against Iran. This clarification comes as tensions rise in the region.
Iranian Oil Flow Continues#
Bessent highlighted that Iranian oil continues to flow out of the Gulf, indicating that the U.S. has not imposed new restrictions on its export. He mentioned that there are currently about 140 million barrels of Iranian oil that could be affected by sanctions, and the U.S. may consider lifting some of these sanctions on oil that is already in transit.
Potential for Strategic Petroleum Reserve Release#
To help manage oil prices, Bessent suggested that the U.S. could conduct another release from the Strategic Petroleum Reserve (SPR). The SPR is a stockpile of oil maintained by the U.S. government to stabilize oil supplies during emergencies. He emphasized that while the Treasury is not intervening directly in futures markets, it is creating excess supply by allowing oil that is already on the water to enter the market.
International Cooperation on Oil Supplies#
Bessent also mentioned the potential for international cooperation, particularly with Japan, which may seek to secure oil supplies from the Gulf. He noted the strong relationship between U.S. President Donald Trump and Japan's leadership, suggesting that this could facilitate discussions on oil supply security.