Iranian oil has been sanctioned for many years. The 140 million barrels he is referring to are part of the "dark fleet" that has been shipping Iranian oil to Asia (mainly China) for years. Iran gets money for oil, and China buys it at a discount. So, this oil already exists in the world market. It doesn't matter who buys it, or under what scheme (sanctioned through a dark fleet or legitimate open market sale), as a barrel sold anywhere, for whatever reason, adds to world supply. To emphasize, these barrels are already part of the world supply. These barrels are not randomly floating in a tanker on some ocean (for years?), waiting for sanctions to be lifted before they can be sold and offloaded. By allowing oil to be unsanctioned, all Bessent is doing is allowing Iranian oil to be sold to places like Japan or South Korea. In other words, all he did was raise the price of Iranian oil because they now have more bidders. He just made Iran wealthier and did nothing for the price of crude oil.(Jim Bianco)