US lifts sanctions on Iranian oil at sea in bid to ease supply pressures

The Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the Iran" class="entity-link entity-event" data-entity-id="38342" data-entity-type="event">US-Israeli war on Iran, US treasury secretary Scott Bessent said.It is the third time the US has temporarily waived sanctions in about two weeks.The US had previously eased sanctions on Russian oil, and on Friday issued a general license allowing the sale of Iranian crude oil and petroleum products loaded on vessels as of 20 March to 19 April, according to the license posted to the US treasury website.“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,” Bessent said in a statement on X.“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Bessent said.Bessent had floated lifting the sanctions in a Fox Business interview on Thursday, prompting analysts to point out the policy could actually benefit Iran’s war effort.“To put it mildly, this is bananas,” Blackstone Compliance Services’ David Tannenbaum told the BBC.“Essentially, we’re allowing Iran to sell oil, which could then be used to fund the war effort.”Bessent pushed back on that analysis in his Friday statement.“This temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production,” he wrote.“Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system.”