The administration of Donald Trump has approved a 30-day waiver on sanctions tied to Iranian oil shipments at sea, aiming to curb rising global oil prices linked to the ongoing conflict involving Iran.
US Treasury Secretary Scott Bessent said the decision is expected to release about 140 million barrels of oil into the global market, easing pressure on energy supply.
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Oil prices have surged by roughly 50 percent to over 100 dollars per barrel, their highest level since 2022, raising concerns about the impact on businesses and consumers ahead of upcoming US elections.
The move signals growing concern within the White House over the economic effects of high energy costs, though critics warn the waiver could indirectly support Iran.
It marks the third temporary easing of sanctions in recent weeks, following similar steps involving Russian oil.
A general licence now permits the sale of Iranian crude already loaded onto vessels until mid-April.
Bessent said the measure is intended to quickly increase global supply and stabilise the market amid current disruptions.
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