The Trump administration has issued a one-month temporary license permitting Iran to sell approximately 140 million barrels of oil currently stored on tankers, in a move aimed at stabilizing global energy markets.
The decision effectively lifts certain U.S. sanctions on the specific stockpile of crude. According to estimates from the U.S. Energy Information Administration, the volume of oil involved is enough to meet global demand for about one and a half days.
Despite the temporary relief, U.S. Treasury Secretary Scott Bessent emphasized that Iran will likely face major challenges accessing the revenue generated from the sales due to ongoing restrictions on its financial system.
The move comes at a time of soaring global oil prices, driven by escalating tensions in the Middle East and disruptions to supply routes. The situation worsened after the closure of the Strait of Hormuz, a critical global shipping lane responsible for transporting nearly 20% of the world’s oil supply, which pushed prices above $110 per barrel.
In addition to this measure, the United States has taken further steps to ease market pressure, including lifting sanctions on hundreds of millions of barrels of Russian oil in recent weeks.
Former World Bank president David Malpass described the decision as a “strong economic step” aimed at cooling rising prices and maintaining stability in global markets.
However, US officials maintain that the broader strategy remains unchanged. Bessent reiterated that Washington will continue to apply maximum pressure on Iran, particularly by limiting its ability to access the international financial system.
The temporary license highlights the delicate balance between geopolitical strategy and economic necessity, as global powers navigate the impact of conflict on energy supplies and financial stability.
