Tehran — Iran’s Oil Ministry, speaking through its consulate in Mumbai, rejected U.S. statements that Iranian crude is available for export following a temporary easing of sanctions. The ministry said Tehran has no floating crude or surplus ready for international markets and suggested the U.S. announcement was intended to reassure buyers and calm market sentiment.
The U.S. Treasury on Friday authorized a narrowly tailored, short-term easing of sanctions on Iranian-origin crude and petroleum products loaded on vessels by 12:01 a.m. Eastern Daylight Time on March 20, 2026. The Office of Foreign Assets Control (OFAC) said transactions ordinarily incident to the sale, delivery or offloading of such cargoes are authorized through 12:01 a.m. EDT on April 19, 2026, and the license covers import into the United States of Iranian-origin cargoes covered by the authorization.
U.S. Treasury Secretary Scott Bessent said the measure aims to allow oil already stranded at sea to be sold and delivered in order to stabilize global energy markets and relieve supply pressure. He estimated the authorization could quickly bring roughly 140 million barrels to world markets and accused buyers of hoarding sanctioned Iranian oil at low prices. Bessent emphasized the limits of the policy, saying it applies only to cargoes already in transit, does not permit new purchases or production, and would make it difficult for Iran to access any revenue generated. He also said the U.S. will continue broader pressure on Tehran and maintain constraints on its access to the international financial system.
Bessent framed the move alongside other U.S. efforts to boost global supply, saying Washington has helped bring about an estimated 440 million additional barrels to markets and pointing to higher domestic oil and gas production as strengthening U.S. energy security.
Markets remain sensitive as crude prices have risen amid the West Asia conflict, now approaching its fourth week. The Strait of Hormuz continues to see greatly reduced traffic, keeping pressure on shipments and diplomatic relations. Reported by ANI from a syndicated feed.
