The U.S. government is temporarily lifting certain sanctions on Iranian oil, allowing the sale of Iranian oil that is stranded at sea. This move aims to ease pressure on the global energy market and reduce oil prices.
U.S. Treasury Secretary Scott Bessent stated that the temporary easing of sanctions is “narrowly targeted” and will last for 30 days, applying only to Iranian oil already on ships. He explained that this step allows the sale of oil that had been “trapped” due to disruptions in shipping.
“By temporarily opening up this existing volume to the world, the United States will quickly bring about 140 million barrels of oil to global markets, expanding global energy supply and helping relieve temporary supply pressures related to Iran,” he said.
“Essentially, we will use Iranian oil barrels against Tehran in order to keep prices low as we continue Operation ‘Epic Rage,’” Bessent added.
The Iranian government stated on Friday that it does not have crude oil cargoes on tankers that could be released to international markets. “At present, Iran effectively has no crude oil cargoes at sea or surplus to supply international markets, and the statements of the U.S. Treasury Secretary are only intended to give hope to buyers,” wrote Saman Ghodosi, spokesperson for the Oil Ministry, in a post on platform X.
This move comes at a time when oil prices remain high, although they dropped from $119 per barrel of Brent crude the previous day to around $107 the following morning. Before the war, oil prices were approximately $72 per barrel.
The U.S.–Iran war continues to cause turbulence in oil and natural gas markets, with Iran attacking ships linked to the U.S. and Israel and obstructing fuel transit through the Strait of Hormuz. This situation has triggered price shocks and raised concerns about the economic consequences for the global economy.
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