US lifts sanctions on some Iranian oil as energy prices soar

The US has lifted sanctions on some Iranian oil, as it scrambles to contain the impact of its war in Iran on energy markets.

Treasury Secretary Scott Bessent announced the issuing of a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea.

The move marks a stunning reversal of longstanding American policy - and one with highly uncertain pay-off.