Tehran [Iran], March 21 (ANI): Iran’s Oil Ministry has disputed the U.S. decision to temporarily ease sanctions on Iranian crude loaded on vessels as of March 20.
In a statement issued by Iran’s consulate in Mumbai, Tehran said, “At present, Iran essentially has no floating crude or surplus available for international markets. The U.S. Treasury Secretary’s remarks appear aimed at reassuring buyers and managing market sentiment.”
The Iranian denial could further unsettle an already volatile market, where crude prices have spiked as the West Asia conflict approaches its fourth week.
On Friday, the United States announced a temporary easing of sanctions on Iranian-origin crude oil and petroleum products through April 19, 2026, permitting the sale and delivery of crude and refined products into the United States when loaded on vessels on or before 12:01 a.m. eastern daylight time, March 20, 2026. The Office of Foreign Assets Control (OFAC) said, with certain exceptions, transactions ordinarily incident and necessary to the sale, delivery, or offloading of such cargoes are authorized through 12:01 a.m. eastern daylight time on April 19, 2026. The license also includes import into the United States of Iranian-origin crude and petroleum products covered by the authorization.
U.S. Treasury Secretary Scott Bessent posted on X that the narrowly tailored, short-term authorization permits the sale of Iranian oil currently stranded at sea to help stabilize global energy markets and ease supply pressures. He said the measure would “quickly bring approximately 140 million barrels of oil to global markets,” alleging that sanctioned Iranian oil has been hoarded by China at low prices.
Bessent stressed the policy’s limits, saying it applies only to oil already in transit and does not allow new purchases or production, and that Iran would face difficulty accessing any revenue generated. He added that the United States will continue its pressure campaign against Tehran and maintain constraints on Iran’s access to the international financial system.
The Treasury secretary also referenced broader efforts to boost global supply, claiming that the U.S. has worked to bring about 440 million additional barrels to the market. He framed the move alongside U.S. domestic energy policy, asserting that higher U.S. oil and gas production strengthens energy security.
Meanwhile, the Strait of Hormuz remains effectively closed to most maritime traffic as the conflict continues, maintaining pressure on global energy supplies and diplomatic relations. (ANI)
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