The United States authorities announced this Friday their decision to lift sanctions on oil from Iran that is already loaded on ships. This decision by the White House is made in the midst of the war in the Middle East, including the blockade of the Strait of Hormuz.
The United States Department of the Treasury has published a license authorizing the purchase and sale of products derived from Iranian crude oil “loaded on ships as of March 20”, this Friday, until Sunday, April 19.
After hearing the news, the US Secretary of the Treasury, Scott Bessanthas explained on networks that it is a “short-term” authorization and “with a very specific scope”, which will allow the release of 140 million barrels of oil.
Thus, this temporary lifting of sanctions is only “strictly” limited to oil that is already in transit and does not allow “new purchases or production”, as the Secretary of the Treasury has assured, going on to point out that Iran “will have difficulty accessing the revenue generated.”
“We will use Iranian oil against Tehran to keep the price low,” said Bessent, who stressed that this decision is part of the White House’s efforts in the global crude oil market.
Bessent already advanced on Thursday the possibility that the North American Executive was considering the option of temporarily ending the sanctions on Iranian crude oil, a decision criticized the following day by the spokesman for the Iranian Ministry of Petroleum, Saman Godousi. “Currently, Iran has practically no crude oil reserves or surpluses to supply other international markets,” the Iranian spokesman said on social media.
This decision comes amid a general escalation in crude oil prices as a result of the United States and Israel’s attack on Iran, which the Islamic Republic has responded with attacks against ships sailing through the Strait of Hormuz, a strategic passage through which around a quarter of the world’s maritime oil trade circulates.
