← March 20, 2026 briefingEconomy
US weighs releasing 140 million barrels of sanctioned Iranian oil
With oil prices surging after Iran's closure of the Strait of Hormuz, Treasury Secretary Scott Bessent has floated lifting sanctions on Iranian crude already loaded on tankers at sea — a dramatic reversal of years of US policy. China, meanwhile, is watching from a position of unusual strength, having spent years building massive strategic reserves of oil, gas, wind, and solar capacity on Xi Jinping's direct instructions. India is faring less well: the rupee is under pressure, the Reserve Bank of India has burned through more than $20 billion in foreign exchange reserves this month alone, and households are reportedly switching back to firewood and cow dung cakes as gas prices spike.
