The Trump administration has waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday (20 March) in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war with Iran.
The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supplies, Treasury Secretary Scott Bessent said in a post on X.
The move reflects White House concerns that the surge in oil prices after nearly three weeks of U.S. and Israeli strikes on Iran will hurt U.S. businesses and consumers ahead of the November midterm elections.
The licence, published on the Treasury Department's website after market hours, allows Iranian oil to be imported into the United States under the waiver when necessary to complete its sale or delivery.
The U.S. has not significantly imported Iranian oil since Washington imposed measures after the 1979 revolution. It was unclear whether any Iranian oil would end up in the country as a result of the waiver.
Cuba, North Korea and Crimea are among the regions excluded from the licence, which will remain in effect until 19 April.
The move is expected to benefit China, the largest buyer of Iranian oil. Energy Secretary Chris Wright said supplies could reach Asia within three or four days and enter the market after being refined over the coming month and a half.
It was the third time the Treasury Department has temporarily waived sanctions on oil from U.S. adversaries in just over two weeks. The moves are part of the administration's efforts to curb energy prices that have soared above $100 a barrel to the highest levels since 2022.
The U.S. previously eased sanctions on Russian oil and on Friday issued a general licence allowing the sale of Iranian crude oil and petroleum products already loaded onto vessels.
"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said.
Bessent had earlier indicated the move in an interview with Fox Business on Thursday, saying the release of the sanctioned Iranian oil into global supplies would help keep oil prices down for 10 to 14 days.
Oil prices have risen by around 50% since the U.S. and Israel launched their attacks on 28 February. Tehran has responded with attacks on Israel and Gulf states that host U.S. bases.
Vital energy infrastructure in Iran and neighbouring Gulf states has been attacked, and Iran has effectively closed the Strait of Hormuz, a route for about 20% of the world's oil and liquefied natural gas.
In its effort to tame oil prices, the Trump administration on Wednesday announced a 60-day waiver of the Jones Act shipping law, temporarily allowing foreign-flagged vessels to move fuel, fertiliser and other goods between U.S. ports.
Dubai’s most iconic hotel, the Burj Al Arab, is set to close for the first time since opening in 1999 as it begins an extensive 18-month refu...
Armenian Prime Minister Nikol Pashinyan has said that the opening of railway transit routes through Azerbaijan has helped shield Armenia’s ec...
France is set to vote on a controversial law targeting what it calls “new forms” of antisemitism, sparking sharp divisions and raising ...
Hungary’s election winner, Péter Magyar, said on Wednesday his cabinet could be sworn in by mid-May, with Magyar taking office as prim...
A former NATO chief and senior figure the UK's ruling Labour Party has launched a sharp attack on Prime Minister Keir Starmer, accusing hi...
Iran is prepared to take any necessary steps to secure a deal with the United States, Deputy Foreign Minister Majid Takht-Ravanchi said on Tuesday (24 February), as the two countries prepare for a fresh round of negotiations in Geneva.
The United Nations Security Council did not adopt a draft resolution on Friday to permanently lift sanctions on Iran, but Tehran and key European powers still have eight days to try and agree to a delay.
A preliminary round of Lebanon-Israel talks has concluded in Washington, marking a tentative diplomatic step as regional tensions rise. The development comes as the United States launches a naval blockade of Iranian ports.
Greenland’s prime minister has appointed his predecessor to oversee foreign affairs, as pressure from Washington intensifies over the Arctic island’s future.
Spain’s plan to grant legal status to hundreds of thousands of undocumented migrants is facing early resistance, with immigration officers warning they may strike over a lack of preparation and resources.
The U.S. and Iran could resume peace talks over the next couple of days, U.S. President Donald Trump has said. Talks between Israel and Lebanon were held in Washington yesterday. Fuel prices have dropped below $100 a barrel. U.S. blockade on Iranian ports completes first day.
An Indian healthcare provider plans to invest $50 million in diagnostic and pharmaceutical projects in Uzbekistan’s Namangan region, aiming to expand access to advanced medical services between 2026 and 2028.
Dubai’s most iconic hotel, the Burj Al Arab, is set to close for the first time since opening in 1999 as it begins an extensive 18-month refurbishment aimed at preserving its status as a global symbol of luxury.
Armenian Prime Minister Nikol Pashinyan has said that the opening of railway transit routes through Azerbaijan has helped shield Armenia’s economy from the wider impact of regional instability linked to the crisis in the Strait of Hormuz.
Türkiye is reeling after a second school shooting in as many days left four people dead, including three pupils and a teacher, in a rare outbreak of violence that has stunned communities nationwide.
The Centre of Islamic Civilisation in Uzbekistan has been officially recognised by Guinness World Records as the world’s largest museum dedicated to Islamic civilisation.
Azerbaijan and Russia have announced a formal settlement over the 2024 crash of an Azerbaijan Airlines (AZAL) Embraer 190 near Aktau, confirming that all outstanding issues, including compensation, have been resolved.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment