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US Temporarily Lifts Sanctions on Iranian Oil to Ease Supply Crisis
The US Treasury has temporarily lifted sanctions on Iranian oil already loaded onto vessels to stem a supply crisis exacerbated by the Middle East war.
Temporary Lifting of Sanctions on Iranian Oil
The US Treasury has temporarily lifted sanctions on Iranian oil to mitigate a supply crisis stemming from the Middle East war. This authorization permits the delivery and sale of Iranian crude oil and other petroleum products loaded onto ships before March 20, remaining in effect through April 19. The Treasury announced this measure in a statement.
US Efforts to Alleviate Supply Crisis
Treasury Secretary Scott Bessent indicated that the Office of Foreign Assets Control (OFAC) was overseeing this action. This decision is viewed as a strategic move by the US to stabilize global oil prices. By increasing the supply of oil to the market, the US aims to alleviate market disruptions caused by instability in the Middle East.
*Source: SCMP (2026-03-21)*
