Washington DC [US], March 21 (ANI): US Treasury Secretary Scott Bessent on Friday announced a temporary authorization permitting the sale of Iranian oil currently stranded at sea, aimed at stabilizing global energy markets amid rising tensions.
In a post on X, Bessent said, “Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea.”
He described the move as part of a broader strategy by the administration of President Donald Trump to counter disruptions caused by Iran. “Iran is the head of the snake for global terrorism, and through President Trump’s Operation Epic Fury, we are winning this critical fight at an even faster pace than anticipated. In response to Iran’s terrorist attacks against global energy infrastructure, the Trump Administration will continue to deploy America’s economic and military might to maximize the flow of energy to the world, strengthen global supply, and seek to ensure market stability,” he wrote.
Bessent said the measure would help ease supply pressures, noting that sanctioned Iranian oil has been hoarded by China. “By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets… helping to relieve the temporary pressures on supply caused by Iran,” he said.
He stressed the policy is limited in scope. The authorization applies only to oil already in transit and does not allow new purchases or production. Bessent added that Iran would have difficulty accessing any revenue generated and that the United States will continue to maintain maximum pressure on Iran and its access to the international financial system.
Bessent also pointed to broader efforts to boost global energy supply, saying the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market, undercutting Iran’s leverage over disruptions in the Strait of Hormuz. Emphasizing domestic energy policy, he added that President Trump’s pro-energy agenda has driven U.S. oil and gas production to record levels, strengthening energy security and lowering fuel costs.
The announcement comes amid heightened geopolitical tensions and concerns over disruptions to energy flows through the Strait of Hormuz. (ANI)
(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)
