Iran sets to earn over $14bn from oil as US lifts sanctions
Donald Trump has granted a 30-day sanctions waiver permitting limited sales of Iranian oil at sea, in a move aimed at easing global energy supply pressure following attacks on Iran by the United States and Israel.
Details of the authorisation were contained in a general license released on Friday by the U.S. Department of the Treasury.
The waiver allows the sale of Iranian crude oil and petroleum products loaded onto vessels between March 20 and April 19.
Confirming the development, Scott Bessent described the waiver as temporary and narrowly focused, explaining that it is designed to clear Iranian oil shipments currently stranded at sea.
According to him, the measure will temporarily release about 140 million barrels of oil into the global market, increasing supply and helping to ease short-term shortages caused by the blocked of the Strait of Hormuz by Iran and attacks on oil facilities.
Iran is expected to earn over $14 billion dollars from the oil trade, while the US hopes that the move will stabilise global oil prices and ease growing opposition to the war at home where Trump is loosing support even from his diehard MAGA supporters.
The latest move marks the third time within about two weeks that the United States has relaxed sanctions, following an earlier waiver that allowed limited Russian oil transactions.
Despite the temporary relief, oil prices remain high. Brent crude, which traded at about $72 per barrel before the conflict began, dropped from around $119 to about $107 overnight following the announcement.
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