In a significant move amid global energy crisis, the Trump administration on Saturday issued a 30-day sanctions waiver allowing the sale of Iranian oil stranded at sea to ease global energy supply pressures triggered by the ongoingย US-Israel war with Iran. Making the announcement on X, US Treasury Secretary Scott Bessent said the move from the US administration is aimed at quickly stabilising markets by unlocking existing supply. โBy temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets,โ he said.
Scott Bessent says oil sanctions lifted till April 19ย
He said the Trump administration will lift sanctions on Iranian oil stranded at sea under a one-month license as the White House tries to bring down soaring oil prices. The pause applies to Iranian oil loaded on ships as of Friday and is set to end April 19.
“Iran is the head of the snake for global terrorism, and through President Trump’s Operation Epic Fury, we are winning this critical fight at an even faster pace than anticipated. In response to Iran’s terrorist attacks against global energy infrastructure, the Trump Administration will continue to deploy America’s economic and military might to maximize the flow of energy to the world, strengthen global supply, and seek to ensure market stability,” he wrote.
Move from US would help ease global energy supply pressure
Highlighting the rationale behind the decision, Bessent noted that the measure would help ease supply pressures. “At present, sanctioned Iranian oil is being hoarded by China on the cheap. By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets… helping to relieve the temporary pressures on supply caused by Iran,” he said.
He added that the policy is limited in scope. “At present, sanctioned Iranian oil is being hoarded by China on the cheap. By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran. In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Bessent wrote.
Iran earlier threatened to expand its retaliatory attacks
Iran had earlier on Friday threatened to expand its retaliatory attacks to include recreational and tourist sites worldwide, as the US announced it was sending more warships and Marines to the region.
Hours later, President Donald Trump said on social media that his administration in fact was considering “winding down” military operations in the region. His post came after another climb in oil plunged the US stock market.
The mixed messages came as the war has shown no signs of abating. Iran launched more attacks on Israel and energy sites in neighbouring Gulf Arab states, and the region marked one of the holiest days on the Muslim calendar. Iranians were also celebrating the Persian New Year, known as Nowruz, a normally festive holiday, as Israeli airstrikes landed in Tehran.
With little information coming out of Iran, it was not clear how much damage its arms, nuclear or energy facilities have sustained in the punishing US and Israeli strikes, which began February 28 — or even who was truly in charge of the country. But Iran’s attacks are still choking off oil supplies and raising food and fuel prices far beyond the Middle East.
The US and Israel have offered shifting rationales for the war, from hoping to foment an uprising that topples Iran’s leadership to eliminating its nuclear and missile programmes. There have been no public signs of any such uprising and no end to the war in sight.
Also Read:ย
Trump says US not seeking any ceasefire with Iran as military operations remain a priority