Treasury Secretary Scott Bessent eased U.S. oil sanctions on Iran, even going so far as to allow the sale of some products in the United States.

Global oil supply has been strangled due to Iran’s blockade of the Strait of Hormuz, sending oil prices skyrocketing. In another effort to increase supply and lower prices, the Treasury Department announced on Friday that it was further easing sanctions on Iranian oil for the time being, even allowing the sale of Iranian oil and refined products in the U.S.