The United States has lifted sanctions on 140 million barrels of Iranian oil as President Donald Trump moves to lower gas prices.
The decision, described by US Ambassador Mike Waltz as “very temporary” during a CNN town hall, comes amid ongoing volatility in global oil markets. Despite the move, Goldman Sachs has projected that higher oil prices could persist through 2027.
The development also unfolds against a backdrop of shifting US military strategy in the Middle East. President Trump has indicated that Washington is considering “winding down” its military efforts in the region. However, officials say thousands more US troops are being deployed, a claim a senior Iranian official has dismissed, noting that Tehran does not believe the proposed scale-down.
Tensions between the US and its allies have also intensified. Trump criticised NATO partners, calling them “cowards” for not assisting in efforts to secure the Strait of Hormuz, while also downplaying prospects of a ceasefire.
Meanwhile, Iran launched missiles targeting Diego Garcia, a joint US-UK military base in the Indian Ocean about 2,370 miles from its coast. According to a US official, the missiles did not hit the facility.
