United States Temporarily Authorizes Sale of Iranian Oil Stranded at Sea
Treasury Secretary Scott Bessent previewed the decision and estimated that the measure will allow about 140 million barrels to be added to the oil market.
TL;DR
- The U.S. Treasury has authorized the temporary sale of Iranian oil stranded at sea.
- This measure aims to counteract rising gasoline prices amidst the conflict with Iran and the closure of the Strait of Hormuz.
- An estimated 140 million barrels could be added to the oil market.
- The authorization applies to oil loaded onto ships from the specified date until April 19th.
- The U.S. will continue to exert maximum pressure on Iran's access to the international financial system.
- This follows a similar decision to temporarily lift sanctions on Russian oil.
- The Trump administration has also modified the Jones Act to allow foreign vessels to transport crude oil domestically.