The US Treasury Department announced that sales of Iranian oil currently loaded on ships will be exempt from sanctions until April 19.
While the Iran War has 21 days left of mutual attacks; The price of Brent oil barrels increased 60% compared to pre-war prices and exceeded 110 USD, causing market panic. The move towards Iranian oil comes from the US.
US Treasury Secretary Scott Bessent announced that the Trump administration has issued a 30-day sanctions waiver for purchases of Iranian oil by sea to ease pressure on energy supplies.
With the new authorization issued by the US Treasury Department, the country has allowed the sale and transportation of Iranian oil, currently loaded on tankers, until April 19.
In a statement on his social media account, Bessent said: “By temporarily opening up existing supplies to the world market, the United States will quickly supply approximately 140 million barrels of oil to the global market, thereby increasing total energy supplies and easing temporary supply pressures originating from Iran.”
Bessent also said, “We will essentially keep prices low by using Iranian oil against Tehran and we will do this while continuing 'Operation Epic Fury'.” In his previous statement, Bessent said about the plan in question: “Iranian oil prices will increase according to market levels and will therefore be purchased by countries other than China.”
This step is the third time the US has temporarily relaxed sanctions in about two weeks. The Trump administration took a similar step with respect to Russian oil last week. Russian oil sales are currently pending in licensed tankers.
HORUZ CRISIS
The fact that shipments through the Strait of Hormuz, through which about 20% of the world's oil passes, has been delayed due to the war, has pushed crude prices above $100 per barrel. In a statement by the International Energy Agency (IEA), it was stated that the military conflict in the Middle East has caused an unprecedented global energy crisis. The 32 countries that are members of the International Energy Agency have agreed to release the largest amount of strategic oil reserves in the agency's history, at 400 million barrels.
