The US Treasury Department has issued a general license authorizing the sale of Iranian oil and petrochemical products already loaded onto vessels. This action, announced Friday, allows transactions for oil loaded before 12:01 am New York time, in an effort to counter rising oil prices linked to the U.S.-Israeli war on Iran.
Treasury Secretary Scott Bessent stated the move will bring approximately 140 million barrels of crude to the market, representing the third temporary sanctions waiver issued in roughly two weeks. The waivers are currently in effect until April 19.
While intended to increase oil supply and bring down prices, concerns have been raised that the authorization could inadvertently provide revenue for Iran’s war effort. Bessent maintains that Tehran will not directly benefit from these transactions.