US temporarily authorizes sale of Iranian oil stranded at sea to stabilize markets

The Department of the Treasury has announced a temporary, narrowly targeted authorisation allowing the sale of Iranian oil currently stranded at sea, aimed at easing global energy supply pressures while maintaining maximum pressure on Tehran.

“At present, sanctioned Iranian oil is being hoarded by China on the cheap,” Treasury Secretary Scott Bessent said in a statement posted on X.

“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran.”

The Treasury emphasized that the authorization is strictly limited to oil already in transit and does not permit new purchases or production. Officials added that Iran will face difficulty accessing any revenue generated, as the United States continues to maintain maximum pressure on Tehran and its ability to interact with the international financial system.

“So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market, undercutting Iran’s ability to leverage its disruptions in the Strait of Hormuz,” Bessent wrote.

He also highlighted the administration’s broader energy agenda, stating, “President Trump’s pro-energy agenda has driven U.S. oil and gas production to record levels, strengthening energy security and lowering fuel costs. Any short-term disruption now will ultimately translate into longer-term economic gains for Americans – because there is no prosperity without security.”

By Aghakazim Guliyev