**Global Oil Markets Feel the Pinch as US Lifts Sanctions on Some Iranian Oil** The United States has announced a significant shift in its policy towards Iran, lifting sanctions on some Iranian oil exports in an effort to stabilize global oil markets. The move comes as gas prices continue to soar, with the average price of gasoline in the US reaching a record high. According to the US Energy Information Administration, about 20% of the world's daily oil consumption, approximately 20 million barrels, typically passes through the Strait of Hormuz, a critical waterway that runs along part of Iran's coast. The Strait of Hormuz has been a focal point of tensions in the region, with shipping in the channel coming to a near-halt since the beginning of the war in late February. The conflict has disrupted global oil supplies, contributing to a surge in prices. As a result, the US has been forced to reassess its policy towards Iran in an effort to mitigate the impact on the global economy. The decision to lift sanctions on some Iranian oil exports is seen as a key step in this effort. The US has not lifted sanctions on all Iranian oil exports, however. The move is part of a broader effort to balance the need to stabilize global oil markets with the need to maintain pressure on Iran's government. The US has imposed sanctions on Iran in an effort to curb its nuclear program and limit its ability to fund terrorist activities. The sanctions have had a significant impact on Iran's economy, with the country's oil exports declining sharply since 2018. The decision to lift sanctions on some Iranian oil exports has been welcomed by some in the oil industry, who see it as a necessary step to stabilize global oil markets. "This is a positive development for the oil market," said *Tamas Varga, an oil analyst at PVM Oil Associates*. "It will help to reduce the pressure on prices and provide some relief to consumers." However, others have expressed concerns that the move may undermine the US's efforts to pressure Iran's government. The impact of the US's decision on global oil markets will likely be significant. The lifting of sanctions on some Iranian oil exports is expected to increase the country's oil exports, which could help to reduce prices. However, the move is also likely to be met with resistance from some in the US Congress, who have expressed concerns that it may undermine the country's efforts to pressure Iran's government. The decision marks a significant shift in the US's policy towards Iran and is likely to have far-reaching consequences for global oil markets.