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Posted on 03/20/2026 5:20:18 PM PDT by McGruff
The U.S. Treasury has authorized the purchase of Iranian oil that's already at sea, exempting buyers from the tight sanctions that have restricted the country's oil industry for years — a move aimed at stemming soaring prices amid the U.S.'s war with Iran.
The sanctions license allows oil from Iran to be purchased if it was loaded onto a ship by 12:01 a.m. ET on Friday. The authorization lasts until April 19.
Treasury Secretary Scott Bessent said in a Thursday morning Fox Business interview that "we may unsanction the Iranian oil that's on the water," estimating that it could free up around 140 million barrels of oil that otherwise may have gone to China.
"In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days, as we continue this campaign," Bessent said.
(Excerpt) Read more at cbsnews.com ...
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Last week, the U.S. also lifted sanctions on Russian oil at sea for one month. Bessent argued at the time that the measure would not financially benefit Russia because the country’s government “derives the majority of its energy revenue from taxes assessed at the point of extraction.”
The reality of gas prices in America going higher and higher has no doubt lead to a softening of sanctions.
"As of March 20, 2026, multiple key facilities have sustained severe damage, leading to what the International Energy Agency (IEA) calls the "largest supply disruption in the history of the global oil market." NPR
This is a not so subtle smoke signal that the Trump admin wants de-escalation with Iran. This is all going to be over. Soon.
“The reality of gas prices in America going higher and higher has no doubt lead to a softening of sanctions.”
Yet, oil prices were some $30/Barrel higher under Biden - and food prices soared at the same time for a double whammy - Trump is also in touch with the people and wants to minimize ‘collateral” damage wherever possible.
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