US temporarily allows purchase of sanctioned Iranian oil already loaded onto tankers

The United States has allowed countries to buy sanctioned Iranian oil already loaded onto tankers at sea for 30 days, AFP reports. The authorization also covers loaded petroleum products. According to the agency, the move is intended to stabilize global oil markets. US Treasury Secretary Scott Bessent said on X that the decision would quickly release about 140 million barrels of Iranian oil.

The license, issued by the Treasury Department on Friday evening (overnight Central European Time), authorizes the sale and delivery of Iranian oil and petroleum products loaded onto tankers before midnight on March 19–20. The temporary authorization is valid until midnight on April 18–19. The license does not permit deliveries to Cuba, North Korea, or Ukrainian territories occupied by Russia.

Bessent said the short-term authorization reflects President Donald Trump's intention to “maximize the flow of energy to the world” and will help ease temporary pressure on oil supplies caused by Iran. “We will essentially be using Iranian barrels against Tehran to keep oil prices low while we continue Operation Epic Fury,” Bessent wrote.

Friday's decision follows a similar move on March 12, when the US also authorized the purchase for 30 days of sanctioned Russian oil and petroleum products already loaded onto tankers.

The United States and Israel launched strikes against Iran on February 28, igniting a regional war. The US named its war against Iran Epic Fury. In retaliation, Tehran and its allies began using drones, ballistic missiles, and rockets to attack not only Israel and US military facilities in the Middle East, but also civilian targets, including oil infrastructure in neighboring Arab countries. Shipping through the Strait of Hormuz has nearly ground to a halt due to the risk of Iranian attacks. Under normal conditions, about one-fifth of global oil supplies pass through the strait. Oil and gas prices on international markets have risen sharply as a result of the current conflict.

The price of North Sea Brent crude reached 112 dollars per barrel on Friday. US light crude West Texas Intermediate (WTI) was trading at 98 dollars per barrel.