Washington: In a bid to stabilise soaring crude prices amid ongoing geopolitical tensions, the United States has announced a short-term relaxation of restrictions on Iranian oil already in transit at sea, allowing limited volumes to enter the global market.
The move, confirmed by the U.S. Department of the Treasury, will permit the sale of approximately 140 million barrels of Iranian crude currently held on tankers. Officials clarified that the decision is temporary and strictly applies only to oil that has already been produced and shipped, with no approvals granted for fresh output or new purchases.
US Treasury Secretary Scott Bessent said the step is intended to ease immediate supply pressures that have pushed global oil prices sharply higher. Brent crude, which was trading near $70 per barrel before the conflict, has recently surged to nearly $120, raising concerns about inflation and energy security worldwide.
Authorities believe that releasing these existing supplies into the market could help moderate prices in the short term. The measure will remain in effect for about a month, with the window closing in mid-April.
Officials also pointed out that some countries, particularly China, had been purchasing Iranian oil at discounted rates despite sanctions. By temporarily opening access to oil already afloat, Washington aims to inject additional supply without altering its broader sanctions framework.
Despite the easing, US officials stressed that restrictions on Iran remain largely intact. Revenues generated from these sales are expected to face limitations, with continued controls on Tehran’s access to the international financial system.
The development comes alongside rising fuel prices in the United States, where petrol costs have climbed significantly in recent weeks, adding pressure on policymakers to act.
Meanwhile, Donald Trump indicated that Washington may consider reducing the intensity of its military operations in the region, though he ruled out the possibility of a ceasefire. He maintained that the US remains close to achieving its strategic objectives and would not pause its efforts prematurely.
The temporary policy shift reflects a balancing act by the US—seeking to contain economic fallout from the conflict while maintaining pressure on Iran through broader sanctions and strategic measures.
