US to Ease Oil Sanctions on Iran, Starting to Soften?

The United States (US) is beginning to soften its stance towards Iran by opening the possibility of easing oil sanctions. This signal immediately pressured global oil prices on Friday (20/3), amid efforts to dampen the global energy surge.

US Treasury Secretary Scott Bessent stated that the government is likely to soon lift sanctions on Iranian oil currently held in tanker ships. In addition, to increase supply, the US is also opening the possibility of further releasing crude oil from strategic reserves.

“In the coming days, we may lift sanctions on Iranian oil at sea, around 140 million barrels,” Bessent said, quoted from detikFinance, Friday (20/3/2026).

Brent crude futures were recorded down US$1.24 or 1.1% to US$107.41 per barrel at 01.48 GMT. Meanwhile, US West Texas Intermediate (WTI) crude fell US$1.24 or 1.3% to US$94.90 per barrel.

Although down, the Brent benchmark price is estimated to still strengthen by more than 4% after Iran attacked oil and gas facilities in Gulf countries, forcing production halts. On the other hand, WTI is estimated to fall nearly 4%.

US President Donald Trump claimed to have asked Israeli Prime Minister Benjamin Netanyahu not to attack Iranian energy infrastructure again.

“I told him, ‘Don’t do it’ and he won’t do it,” Trump said to reporters.

Efforts to increase supply are also coming from within the US. Crude oil production in North Dakota is expected to increase this month and in the following months.

The production increase occurred after operators in the US’s third-largest oil-producing state began reactivating previously non-operating wells and easing winter restrictions.