US permits sale of stranded Iranian oil shipments

2026-03-21 - 02:43

US Secretary of Treasury Scott Bessent said his department issued “a narrowly tailored, short-term authorization” permitting the sale of Iranian oil currently stranded at sea. “At present, sanctioned Iranian oil is being hoarded by China on the cheap,” he wrote in a post on his X account on Friday. “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,” Secretary Bessent pointed out. “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,” he went on. “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. “President Trump’s pro-energy agenda has driven US 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,” he added. – Kuna