U.S. lifts restrictions on Iranian crude deliveries as Trump hints at conflict end

The United States has issued a waiver allowing the sale of Iranian oil stranded at sea in an apparent effort to boost supply and reduce pressure on global markets.

The move, which is expected to release millions of barrels of crude, comes amid an ongoing war in the Persian Gulf that the U.S. President is now considering winding down.

U.S. permits purchases of Iranian oil loaded on tankers

The U.S. government has issued a temporary license authorizing the delivery and sale of Iranian oil and petroleum products already loaded on vessels as of March 20.

The 30-day waiver, which was published by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) after markets closed on Friday, will be valid until April 19.

It allows all relevant transactions, including importation into the United States, when necessary. As noted by Reuters, the U.S. has not imported oil from Iran since the revolution that created the Islamic Republic more than four decades ago.

The decision is expected to bring around 140 million barrels of oil to global markets, Treasury Secretary Scott Bessent announced on social media.

In a post on X, he blamed Iran for the current pressure on supply and insisted the Iranian regime will not be able to benefit from the short-term measure, elaborating:

Oil jumped by about 50% since the U.S. and Israel began joint airstrikes on Iran at the end of February, pushing prices above $100 per barrel.

The surprise attack and Iran’s retaliation by hitting targets in Arab states in the Gulf effectively closed the Strait of Hormuz, which accounts for roughly 20% of oil traffic.

While it’s unclear whether America will import any Iranian crude, the lifting of the restrictions will get supplies to Asian ports within days, as U.S. Energy Secretary Chris Wright said earlier on Friday.

Until now, China has been the one taking full advantage of the situation by buying sanctioned Iranian oil at discounted prices.

Nations in Europe, where fuel prices have been soaring as a result of the conflict, such as Italy and Greece, were among major buyers of Iranian oil prior to the enforcement of U.S. sanctions in 2018.

U.S. issues another oil waiver as Trump hints at war exit

The United States started addressing oil price spikes within a week after attacking Iran. It first allowed India to buy Russian oil in transit, despite threatening it earlier with tariffs if it did so.

Washington then permitted others to purchase Russian crude as well, with a waiver valid until April 11. On March 19, OFAC replaced it with a new license.

The latter, like the latest Iranian oil authorization, excludes transactions involving North Korea, Cuba, and Russia-annexed Crimea, among other regions.

“So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market,” Bessent summed up on X.

Meanwhile, the U.S. President took to his Truth Social network to claim his government is close to accomplishing its mission in the Gulf.

In what seems like another attempt to calm down markets and limit economic and political damage ahead of the midterm elections in November, he stated:

Among these objectives, Donald Trump listed degrading Iran’s missile capability, not allowing it to get close to nuclear capability, and protecting America’s allies in the region.

He also urged other nations using the Hormuz Strait to help police it “once Iran’s threat is eradicated,” pointing to Europe, China, South Korea, and Japan in another statement.

His hint at ending the war comes amid ongoing tit-for-tat strikes on oil and gas infrastructure in the region that escalated the conflict to a new dangerous level in the past few days.

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