Now Donald Trump LIFTS sanctions on Iranian oil - just days after doing the same to Russia

Treasury Secretary Scott Bessent announced the move late on Friday night - which he said would would release approximately 140 million barrels of oil onto global markets.

It will doubtless leave the US open to accusations of filling its enemies' coffers - the same which were levelled at it when sanctions were lifted on Russia.

With brent crude sitting at a staggering $106 per barrel by Saturday morning, the move could leave Tehran in line for a windfall worth nearly $15billion.

The licence, published on the Treasury Department's website after trading hours, permits Iranian oil imports into the United States when necessary to complete its sale or delivery.

Mr Bessent said the package was a "narrowly tailored, short-term authorisation".

It is limited to oil which is already in transit and does not allow new purchases or production.

"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said.

"We are winning this critical fight at an even faster pace than anticipated," he also claimed.

The White House is concerned that rising fuel prices could damage American businesses and consumers before November's midterm elections.

This marks the third occasion in just over a fortnight that the Treasury Department has temporarily suspended sanctions on oil from American adversaries.

And China, the world's largest purchaser of Iranian crude, stands to gain most from the temporary measure.

Energy Secretary Chris Wright indicated supplies could reach Asian markets within three to four days, with refined products available over the following six weeks.

The US has not imported significant quantities of Iranian crude since the 1979 revolution.

Cuba, North Korea and Crimea are barred from the arrangement, which expires on April 19.

Critical energy infrastructure across the Gulf states and Iran itself has been damaged during the conflict.

Iran has also effectively shut down the Strait of Hormuz, a vital shipping route carrying around a fifth world's oil and liquefied natural gas.

Energy analyst Brett Erickson, managing principal at Obsidian Risk Advisors, warned the administration's price control measures would prove ineffective until the strait reopens to shipping.

"The easing of sanctions raises concerns about the rapid depletion of Washington's economic toolkit," Mr Erickson said.

"If we've reached the point of loosening sanctions on the country we are at war with, we're really running out of options."