US Temporarily Waives Sanctions on Iranian Oil Amid Price Surge
The Trump administration has temporarily waived sanctions on Iranian oil at sea for 30 days in an attempt to ease rising oil prices. The waiver will allow around 140 million barrels of oil to enter global markets, helping to alleviate pressure on energy supply.
The move comes as the U.S. and Israel have been waging a war against Iran, driving up oil prices by about 50% since February 28. Treasury Secretary Scott Bessent said in a statement that the waiver will help keep oil prices down for 10 to 14 days. He added that Iran will face difficulties accessing revenue generated from the move.
The U.S. has not meaningfully imported Iranian oil since imposing sanctions after the 1979 revolution. It is unclear whether any Iranian oil will end up in the United States as a result of the waiver.