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The United States has temporarily lifted sanctions on Iranian oil as tensions escalate in the ongoing Middle East conflict involving Iran, the U.S., and Israel.
The move allows the sale of Iranian crude oil already stranded at sea, with officials saying it could release about 140 million barrels into the global market.
According to U.S. authorities, the decision is aimed at stabilising global energy supplies after oil prices surged above $100 per barrel due to disruptions caused by the conflict.
The waiver is strictly temporary lasting about 30 days and applies only to oil already in transit, not new production or future sales.
The crisis has been worsened by Iran’s actions in the Strait of Hormuz, a critical global oil route, where shipping disruptions have significantly reduced supply and driven prices higher worldwide.
While the move is expected to ease pressure on global markets, it has sparked criticism, with some arguing it could indirectly benefit Iran during a time of conflict.
At its core, the decision reflects a balancing act trying to control rising oil prices while navigating the risks of easing pressure on a key adversary during wartime.
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