Washington: The US government plans to release oil from Iranian ships in a move to address the escalating oil prices. U.S. Treasury Secretary Scott Basen announced that the administration is considering lifting sanctions on Iranian crude oil currently stranded in tankers at sea. This measure aims to mitigate the rising oil prices by introducing around 140 million barrels of Iranian crude into the global market over the next 10 to 14 days.

According to Thai News Agency, global oil prices have steadily exceeded $100 per barrel for the past two weeks, largely due to Iran's closure of the Strait of Hormuz and attacks on several oil tankers. This situation has significantly disrupted the global oil supply, prompting the U.S. to consider releasing the Iranian oil reserves to help stabilize the market.

Mr. Basen highlighted that the United States has previously implemented similar strategies with Russian oil, resulting in an increase of approximately 130 million barrels in global crude oil circulation. This precedent suggests that releasing the Iranian stockpile could have a stabilizing effect on the current market conditions.