US Eases Iran Oil Sanctions for 30 Days to Stabilise Prices

The administration of President Donald Trump has provided a temporary relaxation of sanctions on purchasing Iranian oil at sea for 30 days. This policy is an effort to dampen the surge in global oil prices amid the conflict with Iran. Citing a Reuters report on Friday (20/3/2026), the policy allows around 140 million barrels of Iranian oil to enter the global market. US Treasury Secretary Scott Bessent stated that this step can help ease energy supply pressures. The surge in global oil prices occurred after nearly three weeks of US and Israeli military strikes on Iran. The licence issued by the US Treasury Department permits Iranian oil to be imported into the US if necessary to complete sales or delivery processes. However, it remains unclear whether that oil will actually enter the US domestic market. Since the 1979 Iranian Revolution, the US has effectively ceased importing oil from the country after imposing various economic sanctions. This policy does not apply to regions such as Cuba, North Korea, and Crimea, and it will expire on 19 April 2026. US Energy Secretary Chris Wright said supplies could reach Asia in three to four days, then enter the market after refining processes in one to one and a half months. This marks the third time in more than two weeks that the US government has eased sanctions on oil from countries considered adversaries. Previously, the US also granted waivers for Russian oil. The move is part of efforts to contain oil prices that have exceeded $100 per barrel, the highest since 2022. “Essentially, we are utilising Iranian oil to suppress prices while continuing military operations,” said Bessent. He also emphasised that Iran will struggle to access revenues from those sales because the US continues to restrict the country’s access to the international financial system.