US Treasury Secretary Scott Bessant said on Wednesday that the administration's decision to allow the sale of Russian and Iranian oil stored in tankers for a month came after requests from vulnerable countries that have been hit hard by shortages caused by the blockade of the Strait of Hormuz.

Speaking before a Senate committee, Bessant said the demands were made by business leaders from about 10 countries during the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington.

The US Treasury Secretary also commented on estimates that Iran has gained more than $14 billion due to the suspension of sanctions, calling them "fiction", without giving any other figures.