U.S. Temporarily Authorizes Iranian Oil Sales

But only the one that is already at sea.

The US Treasury Department has issued a short-term license that allows the sale of Iranian oil already loaded onto tankers at sea.

The announced by U.S. Treasury Secretary Scott Bessent, and the authorization was published by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC).

Bessent said the issue is about 140 million barrels of Iranian oil that are "stuck at sea." Washington hopes it will help quickly increase supply on the world market and ease pressure on energy prices amid a war with Iran and problems with shipping through the Strait of Hormuz.

The license is narrow and temporary: it applies only to Iranian oil and oil products loaded on ships before March 20 and will be valid until April 19. There are no new purchases or new production under the permit.

On March 19, oil prices soared after Iran struck a gas field. Brent crude futures rose $4.66 (4.3%) to $112.04 a barrel, while U.S. West Texas Intermediate crude rose 96 cents (1%) to $97.28 a barrel.

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