The United States has temporarily lifted sanctions on Iranian oil already at sea in a move aimed at reducing rising global crude prices.
Gatekeepers News reports that the US Treasury approved a short-term authorisation allowing the sale of Iranian crude and petroleum products currently loaded on vessels, stressing that the waiver does not permit any new purchases.
US Treasury Secretary Scott Bessent said the decision would release about 140 million barrels of oil into the global market, helping to ease supply shortages and bring down energy costs.
“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Bessent said.
He added that unlocking the stranded supply would expand global energy availability and reduce pressure caused by disruptions linked to tensions in the Middle East.
The move comes amid a sharp rise in oil prices triggered by ongoing conflict in the region and disruptions to key supply routes, including the Strait of Hormuz, a critical channel for global oil shipments.
Reports indicate that millions of barrels of Iranian oil have been sitting offshore due to existing sanctions, with countries like China previously buying at discounted rates. The temporary waiver is expected to allow wider access to the supply and help stabilise markets.
However, US officials insist the measure is limited in scope and duration, forming part of broader efforts to control energy prices without fully lifting sanctions on Iran.
