The US has given the green light to the sale of Iranian oil already in transit. In a lengthy social media post, Treasury Secretary Scott Bessent clarified that this is a short-term, targeted and limited authorisation. According to Bessent, Iranian oil subject to sanctions is being stockpiled by China at rock-bottom prices. By temporarily releasing this existing supply and making it available to the whole world, the United States will rapidly inject around 140 million barrels of oil into global markets, increasing the world’s energy supply.
Iran has fired two intermediate-range ballistic missiles at Diego Garcia, but failed to hit the US-British military base located on the island in the Indian Ocean. This is according to the Wall Street Journal, citing several US official sources.
