U.S. Temporarily Lifts Sanctions on Iranian Oil Sales to Stabilize Global Prices Amidst Ongoing Conflict
WASHINGTON – The United States has issued a temporary authorization allowing the sale of Iranian oil currently at sea, a move aimed at easing surging global oil prices exacerbated by the ongoing U.S.-Israeli conflict with Iran. Treasury Secretary Scott Bessent announced the decision on March 20, 2026, framing it as a measure to increase worldwide energy supply and counter price increases.
The authorization, described as “narrowly tailored and short-term,” permits the sale of approximately 140 million barrels of oil already in transit. Bessent emphasized that the measure is specifically limited to oil already on the water, and that Iran will face challenges in accessing any revenue generated from these sales.
“By temporarily unlocking this existing supply for the world, the U.S. will quickly bring approximately 140m barrels of oil to global markets,” Bessent stated in a public announcement shared on X (formerly Twitter).
https://x.com/SecScottBessent/status/2035131840604881359
The move comes as oil prices have spiked due to disruptions linked to the escalating tensions in the region. According to reports, the U.S. is effectively utilizing Iranian oil “against Tehran” to maintain price stability while continuing military operations, dubbed “Operation Epic Fury.”
The Treasury Department’s decision is outlined in General License U, available on the Office of Foreign Assets Control (OFAC) website. https://ofac.treasury.gov/recent-actions/20260320_33
This temporary easing of sanctions reflects a complex calculation by the U.S. government, balancing the need to stabilize global energy markets with its ongoing strategic objectives in the region. The Guardian reported the move as a direct response to the pressures created by the U.S.-Israeli war on Iran. https://www.theguardian.com/us-news/2026/mar/20/us-sanctions-iranian-oil
The BBC also confirmed the authorization, noting it was issued three days prior to the announcement. https://www.bbc.com/news/articles/c9d415g55nno
Treasury Secretary Bessent has also defended recent U.S. military actions in Iran, stating, “Sometimes you have to escalate to de-escalate.” https://news.google.com/rss/articles/CBMiyAFBVV95cUxPTkpLLTd4M2J1ZTVSWERYS0xYODEwU3JaS2dNUTFxWmQyYzhHaXNHcnNWSDU2Y1BJcVlDZ0IzbkNWTGlTYlE0THQycnBsVGlxNG85cGVHSEFDS0NiMDBTT3BsUjBqdlZoMW45ay1JT1lZbkhWcXBjWmh6SHdKbm1RVmJzWWlrMzlnYjJIWDhHaEI0aFFJUURNa2Zlb3Z4aDl6MFhNLXF2MFdwWEd0V0dsUkZpMjEzcWlqX25rcWNfSzkyc3Z3cHJOdQ?oc=5
