Washington (dpa) – The US on Friday announced that it would temporarily ease sanctions on Iranian oil currently on tankers at sea.
The US Treasury said that “the sale, delivery, or offloading of crude oil or petroleum products of Iranian origin loaded on any vessel” on or before March 20 would be “authorized” through 12:01 am (0401 GMT) on April 19.
Treasury Secretary Scott Bessent said in a post on social media platform X that his department was issuing “a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea.”
“This temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production,” Bessent said, adding that “Iran will have difficulty accessing any revenue generated.”
Bessent accused China of hoarding Iranian oil “on the cheap,” and said that “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.”
Oil prices have been surging due to a de facto blockade of the Strait of Hormuz amid the conflict in the Middle East.
The Strait, a major shipping route and the only path from The Gulf to the open sea, has been effectively blocked by Iran in retaliation for US and Israeli airstrikes.
In response to rising energy prices, the United States has also temporarily allowed purchases of Russian oil currently being transported by sea in an effort to boost global supply.
GNA