US grants 30-day waiver for Iranian oil sales to ease global supply crunch

US allows limited sale of Iranian oil already at sea to boost global supply and ease war-driven pressure, while maintaining sanctions and limiting Tehran's access to revenue.

In Short

• Waiver allows sale of oil loaded between March 20 and April 19 only
• Objective is to stabilise markets and add 140 million barrels to supply
• Sanctions on new Iranian oil production and purchases remain intact

The Trump administration has issued a 30-day sanctions waiver allowing the sale of Iranian oil stranded at sea, in a bid to ease global energy supply pressures triggered by the ongoing US-Israel war with Iran.

Announcing the move on X, US Treasury Secretary Scott Bessent said the step is aimed at quickly stabilising markets by unlocking existing supply. “By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets,” he said.

The waiver permits the sale of Iranian crude and petroleum products already loaded on vessels between March 20 and April 19, according to a Treasury Department license. Officials stressed that the authorisation is limited and does not allow new production or fresh purchases.

Bessent framed the decision as a targeted intervention to counter disruptions caused by the conflict.

“This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production,” he said.

He added that the move would expand global energy supply and help ease price pressures. “We will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury.”

PART OF BROADER ENERGY STRATEGY

The waiver marks the third such easing in recent weeks, following earlier relaxations on Russian oil. Bessent said the administration has already worked to bring hundreds of millions of additional barrels into the market. “So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market,” he noted.

He also accused Iran of attempting to leverage disruptions in key shipping routes. “Iran is the head of the snake for global terrorism and we are winning this critical fight at an even faster pace than anticipated,” Bessent said.

PRESSURE ON IRAN TO CONTINUE

Despite the temporary waiver, Washington signalled it would maintain financial pressure on Tehran.

“Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure,” Bessent said, adding that the move is designed to stabilise markets without easing broader sanctions.

He also pointed to China’s role in stockpiling Iranian oil. “Sanctioned Iranian oil is being hoarded by China on the cheap,” he said.

BALANCING WAR AND MARKETS

The decision underscores Washington’s attempt to balance military pressure on Iran with the need to stabilise global energy markets, particularly as disruptions in the Strait of Hormuz threaten supply.

Bessent said the administration would continue to use both economic and military tools. “The Trump Administration will continue to deploy America’s economic and military might to maximise the flow of energy to the world,” he said.

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