Trump administration temporarily lifts sanctions on Iranian oiltemporarily lifts sanctions on Iranian oil at sea
The Trump administration issued a 30-day sanctions waiver allowing the purchase of approximately 140 million barrels of Iranian crude already loaded onto tankers, effective through April 19. The move aims to ease global energy supply pressures and reduce soaring oil prices amid the ongoing U.S.-Iran conflict, with Treasury Secretary Scott Bessent framing it as preventing China from acquiring the oil cheaply while maintaining broader maximum pressure on Iran's economy.
The waiver represents a tactical shift in wartime policy, allowing U.S. partners—particularly India—to resume Iranian oil purchases while the Strait of Hormuz closure continues disrupting global energy markets. The administration argues the oil would have been purchased by China regardless, making the waiver a way to stabilize prices rather than genuinely ease sanctions on Iran's economy.
- Iran's oil exports historically averaged 2.5 million barrels daily before 2018 sanctions; this waiver temporarily unlocks roughly 140 million barrels already at sea.
- The Strait of Hormuz, through which one-fifth of global oil transits, has been a flashpoint for U.S.-Iran tensions since the 1979 revolution.
- Scott Bessent's appointment as Treasury Secretary marked a significant shift, as he previously managed billions in hedge funds rather than holding government economic positions.
US-Iran Ceasefire War
The United States launched military strikes against Iran on June 26, 2026, in response to a drone attack on a commercial cargo ship in the Strait of Hormuz, calling it a "foolish violation" of the 60-day ceasefire agreement signed just days earlier[2][4][14].
26 June, 09:35 PM
US launches strikes against Iran following commercial ship attack26 June, 04:47 PM
Trump calls Iran drone attack on cargo ship a ceasefire violation
