US lifts 30-day sanctions waiver for Iranian oil to ease supply pressures

US President Trump administration issues temporary waiver allowing purchase of Iranian oil at sea until April 19. Authorization published by Treasury Department enables sale of Iranian crude and petroleum products loaded onto vessels between March 20 and April 19. US Treasury Secretary Scott Bessent confirmed the move on X, describing it as narrowly tailored and temporary. The waiver aims to clear stranded Iranian oil, bringing approximately 140 million barrels to global markets to relieve supply pressures caused by the US-Israeli war on Iran. Despite the reprieve, oil prices remain elevated, with Brent crude falling from $119 to $107 per barrel overnight.

SOURCE: https://dailypost.ng/2026/03/21/war-us-lifts-sanctions-on-iranian-oil/