The United States has partially lifted sanctions on Iranian oil in a bid to stabilize global energy markets amid the ongoing conflict with Iran, marking a significant shift in longstanding policy.
US Treasury Secretary Scott Bessent announced a temporary, narrowly tailored authorization allowing the sale of Iranian crude oil and petroleum products currently stranded at sea. The waiver, valid until April 19, is expected to release approximately 140 million barrels into global markets.
The move comes as oil prices surge due to disruptions in supply chains and shipping routes caused by the war. Analysts say the decision reflects urgent efforts by the US administration to curb rising fuel costs that are impacting global economies.
Under the waiver, oil shipments previously restricted by sanctions can now be sold to international buyers. Before the conflict, China was the primary importer of Iranian oil, often purchasing at discounted rates. Officials suggest the new policy could redirect supplies to other markets, including India, Japan, and Malaysia.
However, the decision has sparked criticism from experts who warn that easing sanctions could indirectly benefit Tehran financially. Some analysts argue that preventing revenue from reaching the Iranian government may be difficult in practice.
The waiver also allows limited import of Iranian oil into the US under specific conditions, though such imports have been rare since sanctions were imposed decades ago.
Despite the move, energy experts caution that the impact on global oil prices may be limited, especially as key supply routes like the Strait of Hormuz remain disrupted.
The US has also taken additional measures, including releasing strategic oil reserves and easing restrictions on Russian oil, as part of broader efforts to manage the ongoing energy crisis.