TRUMP’S SURPRISE IRAN OIL U-TURN: 30-Day Waiver Unlocks 140M Barrels: Will IT LOWER OIL PRICES?
The Trump administration issued a temporary waiver today on sanctions for Iranian oil already at sea. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) issued a 30-day general license/waiver. It authorizes the delivery, sale, and purchase of Iranian crude oil and petroleum products loaded onto vessels as of March 20, 2026. The waiver runs through April 19, 2026.This is expected to unlock around 140 million barrels of stranded Iranian oil for global markets. This includes oil in floating storage and in transit.
The stated goal is to ease surging energy prices and supply disruptions caused by the ongoing war and Hormuz crisis. Secretary Bessent described it as “using the Iranian barrels against the Iranians” to temporarily boost supply and keep prices down while military operations continue. This follows similar short-term waivers for Russian oil at sea.
Links:
Reuters: US allows 30-day sale of Iran oil at sea in bid to tame prices
The Hill: US lifts sanctions on Iranian oil stranded at sea
Guardian: US lifts sanctions on Iranian oil at sea in bid to ease supply pressures
CNN: Why the Trump administration is easing sanctions on certain Iranian oil stockpiles
Link to the Authorization: https://ofac.treasury.gov/media/935376/download?inline
Link to Bessent’s Tweet:
