The U.S. administration waived sanctions on the purchase of Iranian oil at sea for 30 days in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran.
The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, U.S. Treasury Secretary Scott Bessent said.
The authorization allows for the delivery and sale of Iranian crude oil and other petroleum products loaded onto ships before March 20, and will last through April 19, the Treasury said.
The U.S. Treasury Secretary described the move as a narrowly tailored, short-term authorization that follows U.S. President Donald Trump’s intention to “maximize the flow of energy to the world” and ensure market stability.
“By temporarily unlocking this existing supply for the world, the U.S. will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran," Bessent said.
At current prices, the measures would bring to the market would be worth more than $14 billion for Tehran. It is the first time U.S. is buying Iranian oil since 1996.
A representative of the Islamic Republic’s Oil Ministry said that Iran currently has no oil tankers at sea and no surplus of energy volumes for export.
