On Friday, the administration of former U.S. President Donald Trump announced a new measure aimed at lowering global oil prices by granting a 30-day waiver on certain sanctions related to the purchase of Iranian oil. The decision comes amid rising oil prices triggered by escalating tensions and conflicts involving the United States, Israel, and Iran, which have raised concerns in global markets. U.S. Treasury Secretary Scott Bessent wrote on X that the waiver could bring approximately 140 million barrels of oil into global markets, helping to ease pressure on energy supply. The move reflects growing concern in the White House about the economic impact of rising oil prices, particularly as higher energy costs could affect consumers and the labor market ahead of the November midterm elections. Republicans, Trump’s party, are hoping to maintain control of Congress in those elections. Meanwhile, some reports have described the decision as a significant retreat by Washington. According to these reports, Iran may be able to sell oil stored at sea during the waiver period. However, Iranian officials have previously stated that despite sanctions, the country’s daily oil exports have already reached around two million barrels per day. Experts believe the primary goal of the waiver is to contain rising global oil prices, especially as increased tensions and reduced shipping traffic through the Strait of Hormuz have contributed to a sharp rise in oil prices.
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