The US government is temporarily lifting some sanctions on Iranian oil, allowing the sale of Iranian oil that remains at sea. The move is intended to ease pressure on the global energy market and lower oil prices.
US Treasury Secretary Scott Besant said the temporary sanctions waivers last for 30 days, only for Iranian oil already on board ships. He explained that the move allows the sale of oil that had been "blocked" due to shipping barriers.
"By temporarily opening this existing supply to the world, the U.S. will quickly bring approximately 140 million barrels of oil to global markets, expanding global energy supplies and helping to ease temporary supply pressures due to Iran," he said.
