The Trump administration temporarily paused sanctions on Iranian oil “stranded at sea” Friday in an effort to curb soaring prices.
“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Treasury Secretary Scott Bessent announced on X.
Bessent said easing sanctions would allow 140 million barrels of oil to hit global markets and help “relieve the temporary pressures on supply caused by Iran.”
“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” the treasury secretary said.
The pause in sanctions will remain in effect until April 19.
This is a developing story. Please check back for updates.
