US Treasury Secretary Scott Bessent says Washington might lift sanctions on Iranian oil that is already being shipped, as energy prices soar due to the war in the Middle East, reports AFP.

Bessent’s comments to Fox Business on Thursday came as oil and gas prices made a renewed surge after Iran hit the world’s biggest liquefied natural gas (LNG) facility in Qatar and threatened to destroy the region’s energy infrastructure.

He added that the US government could also release more oil from its strategic reserves to help contain costs.