US may lift sanctions on Iranian oil stranded in tankers: Treasury secretary

"In the coming days, we may unsanction the Iranian oil that's on the water. It's about 140 million barrels," Bessent told Fox News.

"So, depending on how you count it, that's 10 days to two weeks of supply."

His remarks came as the regional escalation has intensified since Israel and the US launched a joint offensive on Iran on Feb. 28, killing around 1,300 people so far, including then-Supreme Leader Ali Khamenei.

Iran has retaliated with drone and missile attacks across the region and has effectively closed the Strait of Hormuz, a key oil transit route that normally handles about 20 million barrels per day, and roughly 20% of global liquefied natural gas trade, disrupting global energy markets.

Bessent said the US will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days "as we continue this campaign."