WASHINGTON, MAR 21: In a bid to tame skyrocketing global crude prices, the US announced a temporary sanctions waiver Friday, freeing 140 million barrels of stranded Iranian oil for sale worldwide—mostly held by China.
Treasury Secretary Scott Bessent detailed the “narrowly tailored, short-term authorisation” on X, limited to oil already in transit on vessels. It runs from Friday to April 19, blocks new purchases or production, and restricts Iran’s access to revenues while sustaining pressure on its finances. “We’ll use Iranian barrels against Tehran to keep prices down during Operation Epic Fury,” Bessent said.
Brent crude has swung wildly from $70 pre-war to $119.50 this week, pushing US petrol from $3 to $3.99 per gallon. The move adds to 440 million barrels the Trump administration has unlocked, countering Iran’s Strait of Hormuz disruptions.
President Trump hinted at de-escalation, posting on Truth Social: “We’re close to objectives as we consider winding down great military efforts against Iran’s terrorist regime.” At the White House, he rejected a ceasefire: “You don’t do one when obliterating the other side—we’re open to dialogue, not that.”
