Energy Secretary Chris Wright elaborated on the possibility of the U.S. lifting sanctions on Iranian oil already out at sea, dismissing concerns of Iran profiting from the move by arguing that the oil was “going to be monetized anyway," in a Fox News appearance Friday morning,
Asked how the administration justifies Iran monetizing oil amid the ongoing conflict. Wright insisted that the oil would have been “monetized other ways,” regardless of U.S. potentially lifting sanctions, and he echoed Treasury Secretary Scott Bessent’s comments on Thursday that suggested Iranian oil would have been going to China.
This would be a major reversal in U.S. policy, which has sanctioned Iranian oil for decades. And – in the middle of the war – it would mean Iran stands to make more money by selling its oil to the highest bidder.
Bessent floated the possibility of this move on Fox Thursday.
Regarding the expected timeline of unsanctioned oil becoming usable supply, Wright was confident that this would happen “pretty quickly.”
“Well, with un-sanctioning, I mean within days, within three or four days that oil will start to arrive in ports and of course most refineries are near ports. So pretty quickly,” he said.
Wright also said he believes most of the unsanctioned oil would “be absorbed in the next 30 to 45 days.”
Asked about some projections that predict oil to rise beyond $180 a barrel if disruptions persist until late next month, Wright pivoted to slam the Iran’s retaliatory attacks, saying “this destruction certainly is not helpful for global oil prices” before arguing that that this further justifies the need for the U.S. military to “finish the job.”
-ABC News' Emily Chang