US May Ease Sanctions on Russian, Iranian Tankers Amid High Fuel Prices

Mint · business

The US is considering easing sanctions on oil tankers linked to Russia and Iran to combat soaring diesel prices ahead of midterm elections. This potential move could increase shipping capacity and lower freight costs by allowing blacklisted vessels to be sold and operated commercially. However, it risks weakening Western pressure on Moscow's war in Ukraine. US energy secretary Chris Wright highlighted tanker shortages as a key factor driving up global freight rates and fuel costs. Analysts question the impact, noting the age and condition of sanctioned vessels.