U.S. Treasury Secretary Scott Bessent said today that the U.S. could allow the sale of sanctioned Russian oil to create more supply.

“We may unsanction other Russian oil,” Bessent said on Fox Business Network today.

He made the comments a day after the Treasury Department said it was granting India a 30-day license allowing the sale of some Russian oil to that country.

“There are hundreds of millions of sanctioned barrels of sanctioned crude on the water, and in essence by unsanctioning them Treasury can create supply,” he said.

“And we are looking at that. We’re going to keep a cadence of announcing measures to bring relief to the market during this conflict,” Bessent said.

The war with Iran that began when the U.S. and Israel launched strikes against the country last week has caused oil prices to increase.