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US lifts sanctions on some Iranian oil products

2026-03-21 16:09:00, Kosova & Bota CNA

The US has lifted sanctions on some Iranian oil sectors as it tries to contain the impact of its war on Iran on energy markets.

Treasury Secretary Scott Bessent announced the issuance of a short-term authorization, allowing the sale of Iranian oil that is currently stranded at sea.

Experts said the US decision is likely to have a limited effect on prices and could increase funds going to the Iranian regime, which the US is attacking.

On Friday, Bessent said the permit was applicable to the sale of crude oil and petroleum products of Iranian origin that are currently loaded on ships.

The authorization will last until April 19, the Treasury Department added. The US Treasury Secretary said the move would quickly bring about 140 million barrels of oil to global markets. Before the war, China was the main buyer of oil coming from Iran, buying the barrels at a deep discount because of sanctions imposed by the US and other countries.

In an interview with Fox Business on Thursday, Bessent said that a waiver of sales restrictions could help divert more of these supplies to other countries that need oil, such as India, Japan and Malaysia, while forcing China to pay the "market price."

In a post on "X", Bessent said that Iran would have difficulty accessing the revenues generated by purchasing Iranian oil and that the US would "continue to exert maximum pressure on Iran".

The US has already taken other efforts to boost supply, including releasing millions of barrels of oil reserves and suspending some sanctions on Russian oil last week.

This second decision sparked strong reactions from leaders in Europe, who said it would strengthen President Vladimir Putin's regime and prolong the war in Ukraine.

About a fifth of the 100 million barrels of oil the world consumes each day usually travels through the Strait of Hormuz, which runs along part of Iran's coast. But since the war began in late February, shipping through the channel has been halted.

While some of the barrels being transported through the strait have been successfully redirected, experts still estimate that the war has taken about a tenth of the world's supply off the market.

Concerns about the situation have grown as damaging tit-for-tat attacks on a key gas field operated by Iran and Qatar raise the risk that fossil fuel supply capacity could be constrained for years, even if the conflict is resolved relatively quickly. /CNA