India, March 19 -- The United States is considering a significant policy shift by removing sanctions on Iranian oil that is currently stranded on tankers at sea. US treasury secretary Scott Bessent said on Thursday that the move is aimed at increasing global crude supply and easing pressure on prices.

"In the coming days, we may unsanction the Iranian oil that's on the water. It's about 140 million barrels," Bessent told Fox Business Network, adding that a sizeable amount of Iranian crude is currently sitting on ships and could soon be allowed to flow into global markets. Track US-Iran war LIVE updates

Bessent claimed that the volume is significant enough to temporarily offset supply shortages caused by disruptions in the region. He sai...