The US has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures amid the US-Israeli conflict with Iran.
This move is expected to release approximately 140 million barrels of oil into global markets, helping to relieve temporary pressures on supply caused by Iran.
US Treasury Secretary Scott Bessent stated that the decision aims to keep oil prices down while continuing Operation Epic Fury.
Moreover, the step underscores growing concern within the White House over escalating oil prices, which have surged by about 50% to exceed $100 per barrel — the highest level since 2022.
The spike is seen as a potential burden on American businesses and consumers ahead of the November midterm elections, where Republicans are seeking to maintain control of Congress.
Still, Bessent’s earlier indication that sanctions might be relaxed drew criticism from analysts who warned it could indirectly support Iran’s military campaign.
This marks the third instance in roughly two weeks that Washington has temporarily relaxed sanctions.
Earlier measures included easing restrictions on Russian oil, while on Friday the US issued a general licence permitting the sale of Iranian crude and petroleum products already loaded onto vessels from Friday through 19 April, according to a notice on the Treasury’s website.
“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,” Bessent said in a statement on X.
“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury.”
According to the licence released after market hours, Iranian oil may be brought into the US under the waiver if required to complete ongoing transactions.
However, the US has largely avoided importing Iranian oil since sanctions were imposed following the 1979 revolution.
It remains uncertain whether any Iranian crude will actually reach US shores under the arrangement. The licence excludes certain regions, including Cuba, North Korea and Crimea.
