US issues 30-day waiver to allow Iranian oil sales to ease supply chain disruption

Announcing the move on X, US Treasury Secretary Scott Bessent said the measure is intended to stabilise markets swiftly by increasing the availability of existing supply.

The Trump administration has granted a 30-day sanctions waiver permitting the sale of Iranian oil stranded at sea, aiming to ease global energy supply pressures caused by the ongoing US-Israel war with Iran.

Announcing the move on X, US Treasury Secretary Scott Bessent said the measure is intended to stabilise markets swiftly by increasing the availability of existing supply.

He said, “By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets."

The waiver allows the sale of Iranian crude oil and petroleum products already loaded onto ships between March 20 and April 19, according to a Treasury Department license. Officials emphasised that the authorization is limited and does not permit new production or new purchases.

Bessent described the decision as a focused measure to address disruptions resulting from 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 further said that the step would increase global energy supply and help reduce price pressures.

“We will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury.”

The waiver is the third similar easing in recent weeks, following earlier relaxations on Russian oil. Bessent said the administration has already helped bring hundreds of millions of additional barrels into the market.

He said, "So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market," accusing Iran of trying to take advantage of disruptions in key maritime 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.

Even with the temporary waiver, Washington indicated it would continue exerting financial pressure on Tehran.

“Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure,” Bessent said, noting that the step is framed in manner to stabilise markets without easing broader sanctions.

He also highlighted China’s involvement in accumulating Iranian oil, saying “Sanctioned Iranian oil is being hoarded by China on the cheap.”