US, Mar 21 : The United States has introduced a temporary relaxation of sanctions to permit the sale of Iranian crude oil currently stranded at sea, aiming to stabilise volatile global energy prices.
US Treasury Secretary Scott Bessent stated that the measure will release around 140 million barrels of oil into international markets. He clarified that the authorisation is strictly time bound and applies only to shipments already in transit, without allowing any new purchases or production.
The decision comes as crude prices have surged sharply in recent weeks, driven by geopolitical tensions in the Middle East. Brent crude, which was trading near USD 70 per barrel before the conflict, has climbed to nearly USD 120, intensifying pressure on fuel markets worldwide.
Officials indicated that the move is designed to quickly boost supply and counter disruptions affecting key energy routes. By unlocking existing Iranian oil shipments, Washington aims to ease short-term supply constraints without altering its broader sanctions framework.
The waiver, effective from Friday until April 19, is part of a wider effort to inject additional oil into the global system. Authorities emphasised that despite the temporary relief, restrictions on Iran’s financial access will remain in place, limiting its ability to benefit from the sales.
Meanwhile, US leadership signalled a possible shift in military posture in the region, suggesting that operations could be scaled down soon, though no formal ceasefire is under consideration.