The U.S. has lifted sanctions on Iranian oil for one month
22 March 08:11
The United States has temporarily lifted sanctions on Iranian oil to stabilize the global market amid the blockade of the Strait of Hormuz and the war in the Middle East.
This was announced by U.S. Treasury Secretary Scott Bessent on social media platform X, according to [Komersant].
The license, published by the Treasury Department on the evening of March 20, is valid for 30 days and allows for the purchase and sale of oil and petroleum products from Iran that have already been loaded onto tankers, but does not permit the conclusion of new agreements. According to Bessent’s estimate, approximately 140 million barrels could enter the market.
“By temporarily opening access to these reserves to the entire world, the United States will quickly supply about 140 million barrels of oil to global markets, expanding the volume of global energy resources and helping to reduce the temporary pressure on supply created by Iran. Essentially, we will use Iranian oil against Tehran to keep prices in check while continuing Operation “Epic Fury” against Iran,” explained the U.S. Treasury Secretary.
The decision was made amid a sharp rise in global oil prices due to the U.S. and Israeli military operation against Iran. In response, Tehran blocked shipping in the Strait of Hormuz, through which 20% of global oil supplies pass. Bessent emphasized that it will be difficult for Iran to access the proceeds, as the U.S. continues its policy of “maximum pressure” and restricts the country’s access to the international financial system.
Previously, the U.S. implemented a similar temporary easing of sanctions on Russian oil, which allowed approximately 130 million barrels to enter the market, according to the analytical firm Kpler. The Donald Trump administration is generally working to bring 440 million barrels of oil to global markets, Bessent added.
