The Trump administration has waived sanctions on Iranian oil purchases at sea for 30 days to ease surging oil prices driven by the US-Israeli war on Iran.
The US treasury secretary, Scott Bessent, said the waiver would bring about 140m barrels of oil to global markets and help relieve pressure on energy supply.
The move reflects White House concern that soaring oil prices – up about 50% to more than $100 a barrel, the highest since 2022 – will hurt US businesses and consumers ahead of the November midterm elections, when Republicans hope to retain control of Congress.
However, Bessent’s earlier suggestion of a waiver raised concerns that it could benefit Iran’s war effort.
It is the third time the US has temporarily waived sanctions in about two weeks.
It had previously eased sanctions on Russian oil, and on Friday issued a general licence allowing the sale of Iranian crude oil and petroleum products loaded on vessels as of Friday to 19 April, according to the licence posted to the US treasury website.
“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,” Bessent said in a statement on X.
