Washington, March 21
The United States has announced a 30-day sanctions waiver permitting the sale of Iranian oil currently stranded at sea, in a move aimed at easing mounting pressure on global energy supplies triggered by the ongoing conflict with Iran.
Taking to X, US Treasury Secretary Scott Bessent said the decision is intended to quickly stabilise global markets by unlocking already available oil supplies.
“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets,” he said.
According to a licence issued by the US Treasury Department, the waiver allows the sale of Iranian crude oil and petroleum products that were already loaded onto vessels between March 20 and April 19.
Officials clarified that the authorisation is narrowly defined and does not extend to any new production or fresh purchases of Iranian oil.
Bessent described the measure as a focussed intervention designed to offset supply disruptions caused by the ongoing conflict.
“This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production,” he said.
He further noted that the move is expected to increase global supply and help ease upward pressure on prices.
“We will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Bessent added.
The waiver represents the third such relaxation in recent weeks, following earlier steps involving Russian oil supplies. Bessent said the administration has already taken measures to inject significant volumes into the global market.
“So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market,” he said.
At the same time, he accused Iran of attempting to exploit disruptions in crucial maritime routes.
“Iran is the head of the snake for global terrorism, and we are winning this critical fight at an even faster pace than anticipated,” Bessent stated.
Despite the temporary easing, Washington indicated that its broader sanctions framework against Tehran would remain firmly in place.
“Iran will have difficulty accessing any revenue generated, and the United States will continue to maintain maximum pressure,” Bessent said, underlining that the waiver is meant to stabilise markets without diluting overall sanctions.
He also referred to China’s role in accumulating Iranian oil reserves. “Sanctioned Iranian oil is being hoarded by China on the cheap,” he said.
The move reflects Washington’s attempt to balance sustained military and economic pressure on Iran while addressing concerns over global energy stability, particularly as tensions threaten shipping flows through the strategically vital Strait of Hormuz.
Bessent emphasised that the administration would continue to deploy a combination of economic and military measures to manage the situation.
“The Trump Administration will continue to deploy America’s economic and military might to maximise the flow of energy to the world,” he said.
