The US Treasury has temporarily lifted sanctions on Iranian oil already loaded onto vessels, in a measure aimed at easing the global supply crisis caused by the ongoing Middle East conflict.
The authorisation permits the delivery and sale of Iranian crude oil and other petroleum products loaded onto ships before March 20, and will remain in effect until April 19. This “short-term authorisation” is expected to allow approximately 140 million barrels of oil to enter global markets.
The move by the Office of Foreign Assets Control, which Treasury Secretary Scott Bessent had indicated was under consideration, follows a similar temporary lifting of sanctions on Russian oil at sea.
Iran’s effective blockade of the Strait of Hormuz—a vital corridor through which roughly 20% of the world’s oil and gas flows—combined with repeated attacks on energy infrastructure in the region, has contributed to a sharp rise in crude oil prices.
Bessent described the measure as a narrowly targeted, short-term authorisation aligned with President Donald Trump’s goal to “maximise the flow of energy to the world” and maintain stability in global oil markets.
