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

South China Morning PostCenter-RightEN 1 min read 100% complete by Agence France-PresseMarch 21, 2026 at 01:55 AM

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The US Treasury Department temporarily lifted sanctions on Iranian oil already loaded on ships before March 20, authorizing its sale until April 19. This decision aims to ease the crude oil supply crisis stemming from Middle East tensions, including Iran's actions in the Strait of Hormuz and attacks on energy infrastructure, which have driven up prices. The Office of Foreign Assets Control, under Treasury Secretary Scott Bessent, made the move, similar to a previous lifting of sanctions on Russian oil at sea. Bessent stated the authorization is a short-term measure to maximize global energy flow and stabilize the market. He also noted that China is currently hoarding sanctioned Iranian oil at discounted prices.

Key Entities & Roles

Key Player Opposition Context

Russia 40% China 50% Donald Trump 50% Middle East ×260% Office of Foreign Assets Control 60% Strait of Hormuz 70% Scott Bessent ×270% US Treasury ×270% Iran ×380% United States 90%

Keywords

iranian oil 100% sanctions 90% crude oil supply 80% us treasury 70% middle east war 60% strait of hormuz 50% market stability 50% energy infrastructure 40%