Treasury Secretary Scott Bessent announced that the measure will add approximately 140 million barrels to the market. This move follows a similar decision regarding Russian oil and aims to counter the effects of the Strait of Hormuz closure.
“"Iran will have difficulty accessing the generated revenue, and the US will continue to exert maximum pressure on its financial access."
In Europe, Brent crude prices have surged past 108 euros per barrel. In response to the energy crisis, the Spanish government led by Pedro Sánchez has implemented a tax cut, reducing VAT on fuels and electricity to 10%.
