Washington DC — US Treasury Secretary Scott Bessent announced a temporary authorization on Friday allowing the sale of Iranian oil currently stranded at sea, a measure intended to help stabilize global energy markets amid rising geopolitical tensions.
In a post on X, Bessent said the Department of the Treasury has issued a narrowly tailored, short-term authorization to permit the sale of Iranian crude already in transit. He described the action as part of the Trump administration’s broader response to disruptions linked to Iran.
Bessent characterized Iran as ‘the head of the snake for global terrorism’ and said the administration’s Operation Epic Fury has accelerated efforts to counter those threats. He added that, in response to attacks on global energy infrastructure, the US will continue to use economic and military tools to maximize energy flows, support global supply, and promote market stability.
According to the Treasury, unlocking the stranded cargoes will quickly add about 140 million barrels of oil to global markets and help relieve temporary supply pressures. Bessent said much of the sanctioned Iranian oil had been hoarded by China, and the authorization is meant to make that existing supply available to the wider market.
The measure is limited in scope: it applies only to oil already in transit and does not permit new purchases or additional production. Bessent also said Iran would face significant difficulty accessing any revenue generated from these sales and that the US will maintain pressure on Iran’s access to the international financial system.
Bessent pointed to other administration efforts to bolster supply, saying the government has been working to bring roughly 440 million additional barrels to the global market. He also highlighted domestic energy policy, noting that higher US oil and gas production under the administration has strengthened energy security and helped lower fuel costs.
The announcement comes amid heightened concerns about disruptions to energy flows through the Strait of Hormuz and broader geopolitical instability in the region.
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