By Robert P. Walzer
The Treasury Department said it would temporarily allow the sale of sanctioned Iranian oil already at sea, a step officials say could bring roughly 140 million barrels to market and ease pressure from rising prices. It remains unclear how much of that supply can be redirected quickly.
In a social media post, Treasury Secretary Scott Bessent framed the move as part of the administration's campaign against Iran, arguing the U.S. could blunt Tehran's leverage over energy markets by releasing stranded barrels that had largely been destined for China.
The measure is narrowly scoped-covering oil already in transit and related services such as docking and insurance-while barring new purchases or production and maintaining broader sanctions restrictions.
The step builds on a similar move that allows sales of Russian oil cargoes already at sea, which spurred buying from Asian refiners. Analysts have noted that executing such measures at scale can be difficult and that they may only temporarily impact prices.
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March 20, 2026 20:30 ET (00:30 GMT)
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