The Trump administration has partially suspended sanctions on Iranian oil "stuck at sea" to alleviate surging energy price pressures.
Treasury Secretary Scott Bessent announced that the sale of Iranian oil currently in transit would be permitted until April 19.
This decision clears the way for approximately 140 million barrels of oil to enter the global market, helping to reduce supply constraints.
The scope of application is strictly limited. The policy only allows for the processing of existing oil at sea and does not permit new transactions involving Iranian oil.
According to the Treasury Department, this oil was previously stockpiled at low prices, primarily by China.
Brent oil prices have risen to $103 due to Iran's weeks-long blockade of the Strait of Hormuz, causing global energy flow disruptions. This region accounts for about 20% of the world's oil exports.
Iran has repeatedly attacked oil tankers in the region, escalating tensions and driving up fuel prices.
The Trump administration stated that the easing of sanctions is temporary, while also considering other measures such as tapping into strategic petroleum reserves.
Vice President JD Vance warned that citizens would face a difficult period in the short term due to high gasoline prices.
Gas prices in the US have reached approximately $3.91 per gallon, according to AAA. The Department of Energy believes gas prices could potentially drop below $3 by summer if the market stabilizes.
This move comes as the conflict with Iran continues to significantly impact global energy markets.
