The United States has temporarily lifted sanctions on Iranian oil stranded at sea for one month in a bid to cool surging global crude prices, even as President Donald Trump signalled a possible scaling down of military operations against Iran. The pause, announced by US officials, applies to Iranian oil already loaded on vessels and will remain in effect until April 19. ADVERTISEMENTUS Treasury Secretary Scott Bessent said the decision would release a significant volume of oil into global markets. “Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea,” he said. The US estimates that around 140 million barrels of Iranian oil could be unlocked through the measure, helping stabilise prices that have surged amid the conflict.

Source: The Telegraph March 21, 2026 04:22 UTC