US lifts sanctions on Iranian oil at sea, gives 30-days waiver for sale of stranded tankers

The administration of Donald Trump has reportedly issued a 30-day sanctions waiver permitting the sale of Iranian oil currently stranded at sea, in a move aimed at easing global energy supply pressures triggered by the ongoing US-Israel conflict with Iran.

In a post on X, US Treasury Secretary Scott Bessent said the measure is intended to stabilise markets by unlocking existing supplies. He noted that the waiver could release around 140 million barrels of oil into global markets.

According to the US Department of the Treasury, the authorisation applies only to crude oil and petroleum products already loaded on vessels between March 20 and April 19. Officials stressed that it does not permit new production or fresh purchases.

Bessent described the waiver as a targeted intervention to address disruptions caused by the conflict. He said the temporary measure would help expand supply and ease price pressures, while maintaining broader sanctions against Tehran.

This marks the third such relaxation in recent weeks, following earlier measures involving Russian oil. Bessent said the administration has already facilitated the addition of hundreds of millions of barrels to global supply, estimating the total at around 440 million barrels so far.

He also accused Iran of attempting to exploit disruptions in key shipping routes, particularly around the Strait of Hormuz, a vital corridor for global energy transport.

Despite the waiver, Washington indicated it would continue to exert financial pressure on Iran, stating that access to revenues generated from the oil sales would remain restricted.

Bessent further alleged that China has been stockpiling sanctioned Iranian oil at discounted rates.

The move highlights Washington’s effort to balance its strategic and military stance against Iran with the need to ensure stability in global energy markets amid escalating geopolitical tensions.