<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/world/donald-trump-middle-east-war-with-iran-winding-down-plans-strait-of-hormuz/6ff29431-b12f-4e3a-8da6-86ce2011bac0" rel="" target="" title="The Trump administration"><span>The Trump administration</span></a><span> has announced it will lift sanctions on </span><a href="https://www.9news.com.au/iran" rel="" target="" title="Iranian oil"><span>Iranian oil</span></a><span> in a bid to alleviate </span><a href="https://www.9news.com.au/petrol-prices" rel="" target="" title="high prices"><span>high prices</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Treasury Secretary Scott Bessent announced a "narrowly tailored, short-term authorisation" for the sale of oil from the country the US is at war with.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The sanctions will be lifted for 140 million barrels of oil currently at sea.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-middle-east-war-with-iran-winding-down-plans-strait-of-hormuz/6ff29431-b12f-4e3a-8da6-86ce2011bac0" rel="" target="" title="Trump considering 'winding down' his war in Iran"><strong><span>Trump considering 'winding down' his war in Iran</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Further, Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system."</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/donald-trump-middle-east-iran-oil-sanctions-lifted-usa-news/11fa85b8-59e1-4012-a8ad-704f2408bae0" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The arrangement means that while other tankers are unable to move through the Strait of Hormuz for fear of being attacked by Iran, Iranian oil will still be able to be sold.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"At present, sanctioned Iranian oil is being hoarded by China on the cheap," Bessent said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Most of Iran's oil is sold to </span><a href="https://www.9news.com.au/china" rel="" target="" title="China"><span>China</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-iran-attacks-who-is-reza-pahlavi-shah-replacement-leader-ayatollah-khamenei-who-will-lead-iran-now/8d5b6cb3-59bf-4345-a66c-56a869ccd420" target="" title="Son of ousted king positions himself to take over in Iran"><strong><span>Son of ousted king positions himself to take over in Iran</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Meanwhile, other countries who export through the Persian Gulf are desperately looking for ways to store the oil they cannot put on ships.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>About 20 per cent of oil sold in the world is exported through the Strait of Hormuz.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Last week the US also authorised the purchase of Russian oil that had previously been sanctioned.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Today's move comes as </span><a href="https://www.9news.com.au/national/experts-warn-of-50-percent-food-price-spike-as-fuel-crisis-deepens/2a78bc14-b7c8-470d-9515-751baa999b51" rel="" target="" title="crude oil prices surged to a new high"><span>crude oil prices surged to a new high</span></a><span>, and Wall Street plummeted.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Speaking to reporters today, </span><a href="https://www.9news.com.au/donald-trump" rel="" target="" title="US President Donald Trump"><span>US President Donald Trump</span></a><span> was unfazed by the cost of oil.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I expected worse," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I really thought that oil prices would go much higher when I did this."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/does-australia-have-another-petrol-would-we-run-out-of-fuel-oil-supply-iran-war-news/1f4af25b-2f5a-43d3-8a83-dcc919e12e28" target="" title="How the war in Iran is impacting Australia's oil supply"><strong><span>How the war in Iran is impacting Australia's oil supply</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/world/donald-trump-middle-east-war-with-iran-winding-down-plans-strait-of-hormuz/6ff29431-b12f-4e3a-8da6-86ce2011bac0" rel="" target="" title="In a Truth Social post earlier today"><span>In a Truth Social post earlier today</span></a><span>, the president insinuated the US would be "winding down" the war.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>His statement inferred the responsibility of ensuring the Strait of Hormuz would be reopened would be on other nations.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it — The United States does not," he wrote.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If asked, we will help these Countries in their Hormuz efforts, but it shouldn't be necessary once Iran's threat is eradicated. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>""Importantly, it will be an easy Military Operation for them."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-nato-cowards-middle-east-iran-strait-of-hormuz/0c7ff945-0e3d-4c1f-afb2-ccb5c8e1d5b6" target="" title="Donald Trump lashes out at NATO 'cowards' for not joining war"><strong><span>Donald Trump lashes out at NATO 'cowards' for not joining war</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But his claims come as Iran's </span><a href="https://www.9news.com.au/world/mojtaba-khamenei-son-of-irans-supreme-leader-has-been-named-his-successor-iranian-state-tv-says/2af18a14-e341-4b8d-9e30-e3382d346e47"><span>Supreme Leader Ayatollah Mojtaba Khamenei</span></a><span> declared victory in his own statement.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The enemy has been defeated," Khamenei said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"(Iranians have) dealt him a dizzying blow so that he now starts uttering contradictory words and nonsense."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-kharg-island-ground-troops-invasion-of-iran-usa-news/765b7562-cb23-436c-b7fa-b8a0acd616ff" target="" title="Trump considering ground invasion of critical Iranian island: reports"><strong><span>Trump considering ground invasion of critical Iranian island: reports</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.</span></strong></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><em><strong><span>Download the 9NEWS App here via</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="" title=""><em><strong><span>Apple</span></strong></em></a><span> </span><em><strong><span>and</span></strong></em><span> </span><a 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