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U.S. Grants 30-Day Waiver to Sell Iranian Oil Already at Sea

Officials cast the move as a tightly limited market‑stabilization step to counter Hormuz‑driven price spikes.

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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.
Petrol trucks are parked at Volodarskaya LPDS production facility owned by Transneft oil pipeline operator in the village of Konstantinovo in the Moscow region, Russia June 8, 2022. (REUTERS/Maxim Shemetov)

Overview

  • The Treasury license runs from March 20 to April 19 and applies only to Iranian crude and petroleum products loaded before the cutoff, with no authorization for new purchases or production.
  • Treasury Secretary Scott Bessent says the step could quickly add roughly 140 million barrels to global supply, and Energy Secretary Chris Wright said cargoes could reach Asian ports within three to four days.
  • The authorization excludes transactions involving North Korea, Cuba, or Russian‑occupied parts of Ukraine and permits services needed for delivery such as insurance, docking, and related logistics.
  • Iran’s oil ministry spokesman disputed the U.S. account, saying Tehran has no surplus crude on the water available for sale.
  • The waiver follows a similar, earlier step for Russian oil already at sea, and has drawn scrutiny from analysts who warn temporary relaxations could ease financial pressure on U.S. adversaries even as prices remain elevated.