Donald Trump administration on Friday issued a 30-day sanctions waiver for the sale and purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran.
On Friday, the US issued a general license allowing the sale of Iranian crude oil and petroleum products loaded on vessels as of March 20 to April 19, according to the license posted to the Treasury Department's website.
"By temporarily unlocking this existing supply for the world, the United States 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," U.S. Treasury Secretary Scott Bessent said in a statement on X.
"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said.
It follows a similar easing of sanctions for Russian oil already at sea, as Washington seeks to stem a global supply crunch caused by the de facto closing of the Strait of Hormuz.
However, Iran said earlier it had "no surplus crude oil" to offer to international markets, after the US Treasury chief previewed the temporary lifting of sanctions, AFP reported.
The war that Donald Trump launched against Iran roughly three weeks ago in concert with Israel led to a virtual halt in shipments through the Strait of Hormuz, where 20% of global oil transits. Brent crude prices have surged more than 50% this month as a result.
The resulting spike in fuel prices for American consumers is heaping immense pressure on the US president and the Republican Party leading up to the November midterm elections.
In addition to sanctions waivers, the Trump administration released more than 45 million barrels of oil from its strategic reserves and temporarily waived a century-old shipping mandate in order to lower transport costs.
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