US Treasury Secretary Scott Bessent said this Friday, 20, that the Treasury Department is issuing a short-term authorization allowing the sale of Iranian oil currently held at sea, albeit with specific restrictions.
In a post on Network X, Bessent said that by temporarily releasing this existing supply to the world, the US will quickly make about 140 million barrels of oil available on global markets, expanding the world’s energy supply and helping to alleviate temporary supply pressures caused by Iran.
“In essence, we will use Iranian oil against Tehran to keep the price down while we pursue Operation Epic Fury,” he added.
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According to him, Iranian oil, the target of sanctions, is being stored by China at low prices. The secretary also clarified that the temporary and short-term authorization is strictly limited to oil that is already in transit and does not allow for new purchases or production.
“Furthermore, Iran will have difficulty accessing any revenue generated and the US will continue to maintain maximum pressure on Iran and its ability to access the international financial system,” the post emphasized.
According to the Department’s website, the Office of Foreign Assets Control (OFAC) issued the Iran-related General License, “authorizing the delivery and sale of crude oil and petroleum products of Iranian origin loaded on vessels beginning March 20, 2026.”
