US lifts sanctions on Iranian oil at sea in bid to ease supply pressures | Trump administration

There is a Trump administration Issue US treasury secretary Scott Bessent said that a 30-day exemption from sanctions has been introduced for the offshore purchase of Iranian oil in order to relieve energy supply pressure since the beginning of the US-Israeli war against Iran.

This is the third time in about two weeks that the United States has temporarily waived sanctions.

The United States had previously eased sanctions on Russian oil and issued a general license on Friday allowing the sale of Iranian crude oil and oil products loaded on ships between March 20 and April 19, according to the license published on the US treasury website.

“By temporarily unlocking the available supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, increasing the amount of energy worldwide and helping to relieve temporary pressures on supply caused by Iran,” Bessent said in a statement about X.

“In fact, we will use Iranian barrels against Tehran to keep prices low as we continue Operation Epic Fury,” Bessent said.

Bessent proposed lifting sanctions in an interview on Fox Business on Thursday, prompting analysts to point out that the policy could actually benefit Iran’s war effort.

“It’s bananas, to say the least,” said David Tannenbaum of Blackstone Compliance Services. he told the BBC.

“We are essentially allowing Iran to sell oil, and that oil can then be used to finance the war effort.”

Bessent disputed that analysis in a statement Friday.

“This temporary, short-term authority is limited to oil currently in transit and does not allow for new purchases or production,” he wrote.

“Iran will have difficulty accessing any revenues generated, and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system.”