As oil and gas prices soar due to escalating tensions in the Gulf, U.S. Treasury Secretary Scott Bessent indicated that the government is contemplating releasing significant reserves of Iranian oil currently stranded at sea. Bessent ruled out direct intervention in the futures market but highlighted that potential measures include lifting sanctions on up to 140 million barrels of Iranian oil to mitigate the impact on global energy prices. The U.S. administration may also consider further releases from the Strategic Petroleum Reserve (SPR) to help stabilize the market. These discussions emerge amidst ongoing conflicts that threaten regional energy supplies and amidst pressures to keep prices manageable for consumers.