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.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for 21 March, covering the latest developments you need to know....
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.
U.S. President Donald Trump said Israel struck Iran’s South Pars gas field without U.S. or Qatari involvement, and warned that any Iranian attack on Qatar would prompt massive retaliation. The comments come as regional tensions soar after Tehran fired missiles at Gulf energy sites.
Israel reportedly launched a fresh wave of attacks on Iran on Friday (20 March), a day after U.S. President Donald Trump told it not to repeat its strikes on Iranian natural gas infrastructure, which sharply escalated the U.S.-Israeli war on Iran.
Carlos Ray “Chuck” Norris, the martial artist, actor and cultural icon best known for his roles in action films and the long-running CBS series Walker, Texas Ranger, has died at the age of 86.
Transport groups across the Philippines launched a nationwide strike on Thursday in protest against rising oil prices. The action affected 15 to 20 protest centres in Metro Manila, with similar demonstrations taking place across several major provinces.
Hungarian Prime Minister Viktor Orbán has refused to lift his opposition to a €90 billion ($104 billion) European Union loan to help Ukraine keep up its fight against Russia’s invasion, following a meeting of EU leaders in Brussels on Thursday (19 March).
Uzbekistan has outlined plans to select its first astronaut and launch two Earth observation satellites, as it steps up efforts to build a national space programme and strengthen its scientific and technological capacity.
Israel launched strikes on Tehran and Beirut on Saturday (21 March) as the United States deployed thousands of additional Marines to the Middle East, while President Donald Trump criticised NATO allies as "cowards" over their reluctance to help open the Strait of Hormuz.
Georgia’s relationship with the European Union is coming under increasing strain, as Members of the European Parliament openly criticise both the country’s political direction and the EU’s response.
Ankara has conveyed “friendly advice” to the Iranian leadership in an effort to avert a wider war in the Middle East, Turkish Foreign Minister Hakan Fidan said on Thursday in the Qatari capital, Doha.
The UK has authorised transactions involving Kazakh oil transported through Russia, creating a limited exemption within its sanctions regime while maintaining broader restrictions on Russian-linked entities.
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