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Trump administration lifts sanctions on millions of barrels of Iranian oil

As oil prices soar, the Treasury Department has lifted sanctions on Iranian crude already loaded onto vessels — giving Iran’s war effort against the U.S. a boost.

Cargo ships are seen in the Persian Gulf near the Strait of Hormuz on March 11. (Reuters)

As the cost of oil continues to soar, the Treasury Department on Friday lifted sanctions on 140 million barrels of Iranian crude already loaded onto vessels, which the Trump administration says will help ease prices — but which is also likely to provide revenue for Iran’s war effort.