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Trump admin ‘allows’ purchase of Iranian oil at sea for 30 days, Iran says there's no floating crude
The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Treasury Secretary Bessent said.
The US President Donald Trump-led administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the US-Israeli war on Iran. Soon after the announcement, Iran said there is no floating crude.
The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Treasury Secretary Scott Bessent posted on X. Track latest in US-Iran war here
Iran, however, said there is no floating crude oil or surplus available. Consulate General of Iran in Indian state of Maharashtra said on X, “At present, Iran essentially has no floating crude or surplus available for international markets. The U.S. Treasury Secretary’s remarks appear aimed at reassuring buyers and managing market sentiment.”
It is the third time the US administration has temporarily waived sanctions on oil from US adversaries in a little more than two weeks.
“Iran is the head of the snake for global terrorism, and through President Trump’s Operation Epic Fury, we are winning this critical fight at an even faster pace than anticipated. In response to Iran’s terrorist attacks against global energy infrastructure, the Trump Administration will continue to deploy America’s economic and military might to maximize the flow of energy to the world, strengthen global supply, and seek to ensure market stability,” Bessent said.
“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” he said.
At present, sanctioned Iranian oil is being hoarded by China on the cheap, Bessent said, adding that 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.”
“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” he said.
US launched ‘Operation Epic Fury’ in collaboration with Israel against Iran on February 28 and sparked a massive Middle East conflict when the Iranians retaliated. Israel named the February 28 strikes 'Operation Roaring Lion'.
“This temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production. Further, Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system,” Bessent said.
So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market, he said, adding that it undercut Iran’s ability to leverage its disruptions in the Strait of Hormuz.
