US approves sale of Iranian oil at sea in move to ease crude supply crisis

2026.03.21 01:20 Flames rise at the site of airstrikes on an oil depot in Tehran on March 7. Photo: TNS The US Treasury on Friday temporarily lifted sanctions on Iranian oil already loaded onto vessels, in Washington’s latest step to stem a supply crisis over the Middle East war. The authorisation allows for the delivery and sale of Iranian crude oil and other petroleum products loaded onto ships before March 20, and will last through April 19, the Treasury said in a statement. The move by the Office of Foreign Assets Control, which Treasury Secretary Scott Bessent said on Thursday was under consideration, follows a similar lifting of sanctions on Russian oil at sea. Iran’s de facto blockade of the Strait of Hormuz, through which 20 per cent of the world’s oil and gas normally flows, and the numerous attacks on energy infrastructure in the Middle East have sent crude oil prices soaring. Bessent described the move in a statement on Friday as a narrowly tailored, short-term authorisation that followed President Donald Trump’s intention to “maximise the flow of energy to the world” and ensure market stability. “At present, sanctioned Iranian oil is being hoarded by China on the cheap,” Bessent said in a statement. “By temporarily unlocking this existing supply for the world, the United States will quickly bring around 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.” Cargo ships in the Gulf, near the Strait of Hormuz, as seen from Ras al-Khaimah in northern UAE on March 11 amid the US-Israeli conflict with Iran. Photo: Reuters Tehran, however, said on Friday it had no surplus crude oil to offer to international markets. “Currently, Iran basically has no surplus crude oil left on the water or for supply in other international markets, and the US treasury secretary’s statement is solely aimed at giving hope to buyers,” Iranian oil ministry spokesman Saman Ghoddo

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