The Trump administration temporarily suspended sanctions on part of Iranian crude oil, in an attempt to mitigate the conflict's impact on global energy markets.

US Treasury Secretary Scott Bessent announced that the temporary lifting of sanctions would allow 140 million barrels of oil currently stranded at sea to enter global markets.

"Essentially, we will use Iranian oil against Tehran to keep prices low while we continue operations," Bessent explained on the social network X.

On the other hand, Tehran denied Washington's claims, saying they have no oil reserves in international waters and that this is a "psychological trick." Bessent emphasized that Iran will have difficulty accessing financial benefit from the sales, since the decision applies only to strictly limited quantities already in transit.

Oil prices have risen drastically since the start of the conflict. Brent crude is currently trading at around 112 dollars per barrel, representing a 53% increase compared to last year.