Frank Rondel
The United States has temporarily lifted sanctions on Iranian oil and petroleum products already loaded onto ships, US Treasury Secretary Scott Bessent stated, customreceipt.com via X. Bessent noted that this oil, initially intended for sale to China at discounted prices, will now be allowed on the global market.
In a post on X, Bessent specified that approximately 140 million barrels are involved, and the license for these exports will remain valid for one month. “Essentially, we will be using Iranian oil against Tehran to curb price increases under Operation ‘Epic Rage,’” he wrote.
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
The Treasury Secretary further stated that the administration of Donald Trump is working to bring a total of 440 million barrels of oil onto the world markets.
Global oil prices surged sharply following the outbreak of war in the Middle East. A significant factor has been Iran’s obstruction of shipping through the Strait of Hormuz, a crucial passageway that handles one-quarter of all global oil shipments.
To stabilize the global oil market, the United States had previously temporarily allowed the purchase of Russian oil already loaded on tankers, totaling roughly 130 million barrels, according to analytics firm Kpler.
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