On March 20, 2026, the Trump administration issued a 30-day sanctions waiver allowing the sale of Iranian oil currently "stranded at sea" to mitigate soaring global energy prices.

 

US lifts sanctions on Iranian oil at sea in bid to ease supply pressures

On March 20, 2026, the Trump administration issued a 30-day sanctions waiver allowing the sale of Iranian oil currently "stranded at sea" to mitigate soaring global energy prices.

The U.S. Department of the Treasury released General License U, which specifically authorizes the delivery and sale of Iranian crude oil and petroleum products that were loaded onto vessels as of March 20, 2026.

 

Key Details of the Waiver

Duration: The waiver is effective immediately and remains in force until April 19, 2026.

Scope: It applies only to oil already in transit; it does not authorize new production or future purchases.

Volume: Treasury Secretary Scott Bessent estimated this move will unlock approximately 140 million barrels of oil for global markets.

Restrictions: Transactions involving parties in North Korea, Cuba, or Russian-occupied areas of Ukraine remain prohibited.

Financial Control: The U.S. stated that Iran will face significant difficulty accessing any revenue generated from these sales, as the U.S. continues to maintain "maximum pressure" on its access to the international financial system.

 

Strategic Context

This decision follows a similar 30-day waiver recently granted for Russian oil at sea. The administration’s primary goal is to stabilize energy markets disrupted by the ongoing U.S.-Israeli conflict with Iran and the subsequent closure of the Strait of Hormuz. By allowing this oil—previously "hoarded by China on the cheap"—to reach other global