US Treasury Secretary Scott Bessent announced a short-term license for the sale of 140 million barrels of Iranian oil. This oil is currently in transit at sea and will enter the global market to stabilize energy costs. The decision follows a sharp price spike above $100 per barrel triggered by recent military actions in the Middle East.
The US Treasury Department reported this limited authorization via Secretary Bessent’s official X account. The permit remains valid for only 30 days and applies exclusively to oil already on tankers. Currently, China is accumulating these volumes at discounted prices. Therefore, the US administration aims to redirect this supply to broader international markets to lower consumer costs.
Bessent explicitly detailed the strategic rationale:
“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury.”
Energy security and the Strait of Hormuz
Global oil prices surged following US and Israeli airstrikes on Iranian infrastructure three weeks ago. Consequently, Tehran closed the Strait of Hormuz, a vital artery for international energy trade. This closure created an immediate shock to the global economy. However, US officials emphasize that Iran will find it difficult to access any revenue from these specific sales. Washington intends to maintain its maximum pressure campaign despite this temporary adjustment.
President Donald Trump stated he anticipated a more significant price increase due to the conflict. He praised the success of US military operations and emphasized that security is essential for prosperity. Furthermore, the administration is working to release an additional 440 million barrels of oil. This move should further mitigate the impact of Iranian interference with maritime logistics.
Previously, The Ukrainian Review reported that six nations planned to secure maritime navigation through the Strait of Hormuz.
