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The Trump administration on Friday granted Iran a “temporary waiver” to sell oil already at sea — estimated at roughly 140 million additional barrels — a move expected to enable allies facing acute supply shortages to purchase the cargo.
The decision comes after oil and gas prices surged sharply, with officials estimating that the spike triggered by the war could persist for months, particularly as fighting in the Middle East intensifies and transit through the Strait of Hormuz remains nearly impossible.
“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea,” Treasury Secretary Scott Bessent said in a post on X.
He emphasised that the authorisation is strictly limited to oil already in transit and does not permit any new purchases or production.
Bessent added that much of the oil had already been stockpiled by China, and that the move would redirect the roughly 140 million barrels into global markets, increasing overall supply and helping to ease temporary disruptions caused by the conflict involving Iran.
“In essence, we will be using the Iranian barrels against Tehran to keep prices down as we continue Operation Epic Fury,” he said.
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Bessent further argued that, despite appearances, the measure would not strengthen Iran, stressing that Tehran would face difficulty accessing any revenue generated.
Iran is the head of the snake for global terrorism, and through President Trump’s Operation Epic Fury, we are winning this critical fight at an even faster pace than anticipated. In response to Iran’s terrorist attacks against global energy infrastructure, the Trump…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 20, 2026
“Further, Iran will have difficulty accessing any revenue generated, and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system,” he said.
According to CNN, White House spokeswoman Taylor Rogers said in a statement that Trump and his team “have considered all the options on the table to mitigate these short-term disruptions and have acted quickly where necessary”.
“Ultimately, once the military objectives are completed, oil and gas prices will fall rapidly again, potentially even lower than before the strikes began,” she added.
“This is the biggest disruption to oil markets that one could imagine,” said Neelesh Nerurkar, a former senior Energy Department official under Trump. “The shortfall is so large that the measures available are dwarfed by the amount of oil not reaching the market.”
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Trump on oil prices
To contain rising prices, the US has already released 172 million barrels of oil from the Strategic Petroleum Reserve (SPR) and eased sanctions on Russian oil in an effort to maintain a steady supply of crude and gas.
However, these measures have done little to curb the surge in prices. According to CNNBrent crude — the global benchmark — rose to $112 a barrel on Friday, hovering near levels not seen in three and a half years, while US petrol prices have also climbed sharply, with the national average approaching $4 per gallon.
Trump has been changing his stance on oil prices. The US president initially said that they would come “tumbling down” once the war is over. However, he also said: ““The United States is the largest oil producer in the world, by far, so when oil prices go up, we make a lot of money.” At the same time, the Trump administration has said that it is working to bring down oil prices.
