US Issues 30-day sanctions waiver for sale of Iranian oil at sea

3D-printed oil pump jacks, Iranian flag, and a rising stock graph appear in this illustration taken March 2, 2026. (REUTERS/Dado Ruvic/Illustration/File Photo)

WASHINGTON, March 20 (Reuters) - The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the U.S.-Israeli war on Iran, U.S. Treasury Secretary Scott Bessent said.

This was the third time the U.S. has temporarily waived sanctions in about two weeks. The U.S. had previously eased sanctions on Russian oil and on Friday issued a general license allowing the sale of Iranian crude oil and petroleum products loaded on vessels as of March 20 to April 19, according to the license posted to the Treasury Department's website.

"By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran," Bessent said in a statement on X.

"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said.

(Reporting by Ismail Shakil and Jasper Ward; Editing by Chris Reese)