Washington — The U.S. Treasury announced a short-term easing of sanctions on Iranian-origin crude oil and petroleum products, authorizing their delivery, sale and import into the United States through April 19, 2026. The Office of Foreign Assets Control (OFAC) said the authorization covers transactions necessary to sell, deliver or offload crude and petroleum products of Iranian origin that were loaded onto vessels on or before 12:01 a.m. Eastern daylight time on March 20, 2026, and extends those permissions through 12:01 a.m. Eastern daylight time on April 19, 2026. Some exceptions apply.
Treasury Secretary Scott Bessent described the decision on X as a “narrowly tailored, short-term authorization” intended to allow oil currently stranded at sea to reach world markets and help stabilize global energy supplies. He said the move would free up roughly 140 million barrels of Iranian oil that, he asserted, have been hoarded by China, returning that supply to the market to ease temporary pressures.
Bessent stressed limits to the policy: it applies only to cargoes already in transit and does not permit new purchases or additional Iranian production; any revenue Iran might derive will be difficult to access; and the United States will sustain its pressure campaign and existing restrictions on Iran’s ties to the international financial system. He framed the measure as part of broader efforts to increase global energy availability, noting prior steps that added roughly 440 million barrels to markets and pointing to domestic increases in U.S. oil and gas output.
The announcement comes amid heightened tensions and shipping disruptions in the Strait of Hormuz. With the conflict involving Iran entering its 21st day, the waterway has been largely closed to most maritime traffic, straining global energy supplies and diplomatic relations.
