The United States on Friday issued a 30‑day authorization allowing the temporary delivery and sale of crude oil and petroleum products originating from Iran, a major shift in policy aimed at relieving surging global energy prices amid continued Middle East tensions.
The license, granted by the U.S. Treasury, permits Iranian‑origin oil already loaded on vessels to be sold and delivered, adding an estimated 140 million barrels of supply into global markets, particularly benefiting Asian refiners. Buyers are reportedly considering purchases but are awaiting government guidance before moving ahead.
Treasury Secretary Scott Bessent and energy officials argue the move is designed to ease supply pressures that have pushed crude prices to multi‑year highs, particularly in the wake of the conflict involving the United States, Israel and Iran. Oil shipments could reach Asian markets within days, helping blunt price spikes at the pump and for industrial users.
The authorization is time‑limited and applies to oil already at sea, with continued U.S. sanctions on Iran’s broader energy sector and financial access remaining in place. Separately, the administration has also released tens of millions of barrels from the U.S. Strategic Petroleum Reserve as part of its broader strategy to stabilize energy markets.