The US is weighing lifting sanctions on some Iranian oil, as it scrambles to contain the impact of its war in Iran on energy markets. Treasury Secretary Scott Bessent put forward the idea in a Fox interview, saying it could make more oil available to global buyers. Around the world, energy prices are shooting up as the war takes a toll on shipping and production. If put into action, the move would mark a stunning reversal of longstanding American policy - and one with highly uncertain pay-off. Experts said it was likely to have a limited effect on prices, and could boost funds going to the Iranian regime that the US is attacking. To put it mildly, this is bananas, said David Tannenbaum, director of Blackstone Compliance Services. Before the war, China was the primary buyer of the oil coming out of Iran. Bessent stated that eliminating sales restrictions on oil already at sea could push down global prices for a brief period. However, he did not clarify how to prevent revenues from those sales from benefiting the Iranian government. The potential proposal has raised concerns in light of recent decisions allowing for the release of US oil reserves and the debate surrounding lifting sanctions on Russian oil, which has also met with considerable opposition from European leaders.