Business News of Saturday, 21 March 2026Source: bbc.comThe US has lifted sanctions on some Iranian oil, as it scrambles to contain the impact of its war in Iran on energy markets. Treasury Secretary Scott Bessent announced the issuing of a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea. There has also been some positive reaction from financial experts to the Trump administration's temporary reversal of sanctions on Iranian oil. David Malpass, the former president of the World Bank, said the move was a "narrow action that should cause downward pressure on oil prices outside China" and "should also reduce Iran's oil revenue and undercut its military". The US has already undertaken other efforts to boost supply, including the release of millions of barrels of oil reserves and the suspension of some sanctions on Russian oil last week.

Source: GhanaWeb March 22, 2026 21:36 UTC