U.S. Lifts Sanctions on Iranian Oil to Ease Supply Crisis

The U.S. has lifted sanctions on Iranian oil, with a 30-day waiver permitting limited sales of Iranian crude oil and petroleum products. This waiver, authorized by the U.S.

Department of Treasury, allows for oil shipments loaded onto vessels between March 20 and April 19. Scott Bessent described the waiver as temporary and narrowly focused, designed to clear Iranian oil shipments currently stranded at sea.

This measure will temporarily release 140 million barrels of oil into the global market to help alleviate short-term shortages caused by ongoing conflicts. Bessent noted that this action is part of a broader U.S. strategy to stabilize global oil prices and maintain pressure on Iran.

This latest move marks the third time within two weeks that the U.S. has relaxed sanctions, following earlier waivers that allowed limited Russian oil transactions. Despite these temporary relief measures, oil prices remain high, with Brent crude trading at $72 per barrel.