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U.S. Authorizes 30-Day Sale of Iranian Oil Already at Sea to Ease Price Surge

Treasury issued a narrow waiver for cargoes loaded by March 20 to let those barrels reach buyers without enabling new output.

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A worker sits amid the rubble of residential buildings that were destroyed a few days ago following the US and Israeli attack in the eastern Tehran area on March 12, 2026 in Tehran, Iran. The United States and Israel have continued the joint strikes on Iran that began on February 28. Iran has retaliated by firing waves of missiles and drones at Israel, and targeting U.S. allies in the region.
Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri)
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Overview

  • OFAC’s general license permits the delivery and sale of Iranian-origin crude and petroleum products loaded onto vessels by March 20, effective through April 19.
  • Treasury Secretary Scott Bessent said the step could quickly add about 140 million barrels to global supply, stressing it covers only oil already in transit.
  • The license bars transactions involving Cuba, North Korea and Russian‑occupied parts of Ukraine, and officials say Tehran will struggle to access proceeds under existing financial sanctions.
  • Energy Secretary Chris Wright said shipments could start reaching Asian ports within three to four days, while Iran’s oil ministry claimed it has no surplus crude on the water.
  • Oil prices stayed volatile after the move, and the waiver follows an earlier temporary easing on certain Russian cargoes as Washington seeks to relieve a severe supply shock linked to the Hormuz disruption.