The Donald Trump administration issued a 30-day waiver allowing sale of Iranian oil already at sea to ease global supply pressures. Treasury Secretary Scott Bessent said the move could unlock 140 million barrels. The limited measure excludes new production and aims to stabilise markets amid Middle East tensions.

Washington: The administration of US President Donald Trump issued a 30-day sanctions waiver allowing the sale of Iranian oil stranded at sea, in a move aimed at easing global energy supply pressures triggered by the ongoing conflict involving the US, Israel, and Iran.

According to the US Treasury Department, the waiver permits the sale of Iranian crude and petroleum products already loaded onto vessels between March 20 and April 19. Officials clarified that the authorisation is limited in scope and does not allow any new production or fresh purchases.

US Treasury Secretary Scott Bessent described the measure as a narrowly tailored, short-term step to stabilise global energy markets amid rising geopolitical tensions. In a statement, Bessent said the move would help unlock approximately 140 million barrels of oil currently stranded at sea, thereby increasing global supply and easing pressure on prices. He added that the policy is designed to counter disruptions caused by Iran, particularly in critical energy corridors like the Strait of Hormuz.

“At present, sanctioned Iranian oil is being hoarded by China on the cheap. By temporarily unlocking this existing supply for the world, the United States will bring additional barrels into the market and help relieve supply pressures,” Bessent said.