US lifts sanctions on some Iranian oil as energy prices soar

The US has lifted sanctions on some Iranian oil, as it scrambles to contain the impact of its war in Iran on energy markets. Treasury Secretary Scott Bessent announced the issuing of a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea. The move marks a stunning reversal of longstanding American policy - and one with highly uncertain pay-off. Oil and gas prices have risen sharply since the war began. The price of Brent crude oil is holding around $112 a barrel, up 53% on the past year. UK gas, which was trading at 80p per therm before the crisis, is now at around 151p per therm. Experts said it was likely to have a limited effect on prices, and could boost funds going to the Iranian regime that the US is attacking. On Friday Bessent said the permit was applicable to the sale of crude oil and petroleum products of Iranian origin currently loaded on vessels. The authorisation will last until 19 April, the treasury department added. The treasury secretary said the move would quickly bring about 140m barrels of oil to global markets. Before the war, China was the primary buyer of the oil coming out of Iran, scooping up the barrels a