US temporarily lifts sanctions on Iranian oil, grants 30-day waiver for sale amid soaring prices

PTC News Desk: The US Treasury on Friday eased sanctions on Iranian oil that had already been loaded onto ships, in a bid to address supply disruptions caused by the ongoing Middle East conflict.

According to a statement, the exemption permits the delivery and sale of Iranian crude and petroleum products loaded before March 20, and will remain in effect until April 19. The decision, taken by the Office of Foreign Assets Control, came after Treasury Secretary Scott Bessent indicated it was under review and follows a similar relaxation of restrictions on Russian oil shipments.

The move comes amid rising oil prices driven by Iran’s effective blockade of the Strait of Hormuz—through which about 20% of global oil and gas supplies pass—and repeated attacks on regional energy infrastructure. Bessent described the step as a limited, short-term measure aligned with President Donald Trump’s goal of boosting global energy supply and stabilizing markets.

He added that large quantities of sanctioned Iranian oil were currently being stockpiled by China at discounted rates, and that releasing this supply could quickly inject around 140 million barrels into the global market, easing pressure caused by the crisis.

However, Iran maintained that it does not have surplus crude available for export. The US clarified that the exemption does not cover shipments to Cuba, North Korea, or Russian-occupied regions of Ukraine.

Despite the announcement, oil prices closed higher on Friday, though they remained below the $120-per-barrel mark, a level approached several times since the conflict began three weeks ago.