'Oil to arrive at ports within 3-4 days': US Energy Secretary's big announcement as Hormuz disruption continues to roil oil markets
Treasury Secretary Scott Bessent stated on Thursday that the US may soon lift sanctions on Iranian oil stuck on tankers at sea.
- Mar 20, 2026,
- Updated Mar 20, 2026 7:12 PM IST
US Energy Secretary Chris Wright said on Friday that removing oil sanctions on stranded Iranian oil would allow supplies to reach Asia within three or four days. Treasury Secretary Scott Bessent stated on Thursday that the US may soon lift sanctions on Iranian oil stuck on tankers at sea.
This move aims to ease rising prices caused by Iran’s closure of the Strait of Hormuz.
“Within days, within three or four days, that oil will start to arrive at ports,” Wright said in an interview with Fox Business Network.
The stranded oil has been unable to reach markets due to existing sanctions, which have limited Iran’s ability to export crude. The US government is considering this step as part of its response to the recent disruption in oil flow caused by geopolitical tensions in the Gulf region.
Prices have surged following Iran’s actions around the Strait of Hormuz, a key shipping route for global oil trade. The move to remove sanctions is intended to address these supply concerns promptly.
Energy officials have emphasised the importance of restoring oil flows to ease market pressures and maintain energy security for Asia and other regions dependent on these supplies.
Meanwhile, International Energy Agency (IEA) chief Fatih Birol has said that it could take up to 6 months to restore oil and gas flows from the Gulf. In an interview with the Financial Times, Birol warned that the world may be facing the most severe energy crisis in history.
It has also requested governments worldwide to curb demand by promoting remote work wherever possible and reducing highway speed limits by up to 10 km/h to ease pressure on volatile global oil supplies.
Moreover, Saudi officials have warned that oil could hit $180 per barrel or more if Iran-related supply disruptions continue past late April. At $180 a barrel, Americans would have to pay more than $7 a gallon, as per estimates.
US Energy Secretary Chris Wright said on Friday that removing oil sanctions on stranded Iranian oil would allow supplies to reach Asia within three or four days. Treasury Secretary Scott Bessent stated on Thursday that the US may soon lift sanctions on Iranian oil stuck on tankers at sea.
This move aims to ease rising prices caused by Iran’s closure of the Strait of Hormuz.
“Within days, within three or four days, that oil will start to arrive at ports,” Wright said in an interview with Fox Business Network.
The stranded oil has been unable to reach markets due to existing sanctions, which have limited Iran’s ability to export crude. The US government is considering this step as part of its response to the recent disruption in oil flow caused by geopolitical tensions in the Gulf region.
Prices have surged following Iran’s actions around the Strait of Hormuz, a key shipping route for global oil trade. The move to remove sanctions is intended to address these supply concerns promptly.
Energy officials have emphasised the importance of restoring oil flows to ease market pressures and maintain energy security for Asia and other regions dependent on these supplies.
Meanwhile, International Energy Agency (IEA) chief Fatih Birol has said that it could take up to 6 months to restore oil and gas flows from the Gulf. In an interview with the Financial Times, Birol warned that the world may be facing the most severe energy crisis in history.
It has also requested governments worldwide to curb demand by promoting remote work wherever possible and reducing highway speed limits by up to 10 km/h to ease pressure on volatile global oil supplies.
Moreover, Saudi officials have warned that oil could hit $180 per barrel or more if Iran-related supply disruptions continue past late April. At $180 a barrel, Americans would have to pay more than $7 a gallon, as per estimates.