The United States has temporarily lifted sanctions on Iranian crude oil and petroleum products that are already loaded on tankers, the U.S. Secretary of the Treasury, Scott Bessent, announced, reports Baltimore Chronicle via Scott Bessent. According to Bessent, the oil had initially been intended for sale to China at discounted rates. The removal of sanctions will enable this oil, approximately 140 million barrels, to be released onto the global market. The license for these shipments is valid for one month.
Bessent explained on social media that the move is part of an effort to leverage Iranian oil against Tehran to stabilize prices under the operation codenamed “Epic Fury.” Additionally, he stated that the Trump administration is planning to release a total of 440 million barrels of oil onto international markets.
Iran is the head of the snake for global terrorism, and through President Trump’s Operation Epic Fury, we are winning this critical fight at an even faster pace than anticipated. In response to Iran’s terrorist attacks against global energy infrastructure, the Trump…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 20, 2026
Global oil prices have surged sharply following the outbreak of conflict in the Middle East, partly due to Iran obstructing shipping through the Strait of Hormuz, a critical maritime route responsible for a quarter of the world’s oil shipments.
In a previous effort to stabilize global oil markets, the U.S. had also temporarily authorized the purchase of Russian crude loaded on tankers, amounting to roughly 130 million barrels, according to analytics firm Kpler.
Earlier we wrote that Viktor Orbán blocks €90bn Ukraine aid over Druzhba pipeline, EU leaders react
