US energy secretary justifies removing sanctions on Iranian oil

Removing sanctions on stranded Iranian oil would get supplies to Asia within three or four days, US Energy Secretary Chris Wright said on Friday.

Treasury Secretary Scott Bessent said on Thursday the US may soon remove sanctions on Iranian oil stranded on tankers at sea, as Washington seeks to curb soaring prices over Iran's closure of the Strait of Hormuz.

"Within days, within three or four days, that oil will start to arrive at ports," Wright said in an interview on Fox Business Network's "Mornings with Maria" program.

Wright said the unsanctioned oil would then be refined and hit the market over the coming month and a half.

"I think that most of that oil will be absorbed in the next 30 to 45 days," he said.

His comments come as the IEA issued recommendations for consumers to work from home and avoid air travel as a way of mitigating the economic pain felt by what it called the most severe energy crisis in history.

Its chief, Fatih Birol, said that it would take six months for some sites damaged by Iranian attacks to be operational, with others taking longer. 

An Iranian attack on Qatar's liquefied natural gas facilities knocked out 17 percent of the country's export capacity on Wednesday evening, with Qatar saying it would take three to five years for repairs.