Washington, United States – The US Treasury Department issued a general license allowing sales of Iranian oil and petrochemicals already loaded on vessels before Friday’s cutoff. The temporary waiver, lasting until April 19, aims to release stranded supply and ease surging global crude prices amid the US-Israel war on Iran.
Okay News quotes Treasury Secretary Scott Bessent: “A narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” expected to unlock 140 million barrels while Iran struggles to access revenues, balancing market relief with sanctions pressure.
The move counters Strait of Hormuz disruptions—20% of global oil transit—as Brent crude spiked over 50% this month past $112/bbl, highest since mid-2022, before slight easing after President Trump’s hints at winding down operations.
US interventions include tapping 45 million barrels from strategic reserves and waiving shipping mandates to cut transport costs, shielding consumers from inflation ahead of November midterms as fuel bills soar.
Global chokepoint risks echo past Russian waivers; Nigeria faces pump price hikes despite Dangote Refinery buffers, with PETROAN pushing gas infrastructure investments from oil windfalls.
