Washington DC [US], March 21 (ANI): The United States on Friday announced a temporary easing of sanctions on Iranian-origin crude oil and petroleum products, permitting their delivery and sale through April 19, 2026, including import into the United States. The Office of Foreign Assets Control (OFAC) authorized transactions necessary for the sale, delivery, or offloading of crude oil and petroleum products of Iranian origin that were loaded on vessels on or before 12:01 a.m. Eastern daylight time on March 20, 2026, extending authorization through 12:01 a.m. Eastern daylight time on April 19, 2026. Some exceptions apply.
US Treasury Secretary Scott Bessent described the move on X as a “narrowly tailored, short-term authorization” to allow oil currently stranded at sea to reach markets and help stabilize global energy supplies. He said the measure would unlock roughly 140 million barrels of Iranian oil that he said are being hoarded by China, bringing that supply to the global market to relieve temporary supply pressures.
Bessent emphasized limits on the policy: it applies only to oil already in transit and does not permit new purchases or production; Iran will have difficulty accessing any revenue generated; and the United States will continue its pressure campaign on Tehran and maintain restrictions on Iran’s access to the international financial system. He framed the move as consistent with broader efforts to boost global energy supply, noting that the Trump Administration has worked to add about 440 million additional barrels to markets and pointing to domestic increases in US oil and gas production.
The announcement comes amid heightened tensions and disruptions to shipping through the Strait of Hormuz. As the conflict with Iran entered its 21st day, the waterway remained largely closed to most maritime traffic, pressuring global energy supplies and diplomatic relations. (ANI)
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