Trending Now - U.S. Eases Sanctions on Iranian Oil to Tame Fuel Costs
WHO:
Trump administration
Treasury Secretary Scott Bessent
David Malpass, former World Bank president and Treasury official
WHAT:
The Department of Treasury issued a general license for energy that’s already on vessels as of March 20th, 2026, with such purchases authorized through April 19th, 2026.
Goldman Sachs Group Inc. estimates there are 105 million barrels of Iranian oil on water.
The global oil benchmark settled on March 20th, 2026, above $112 a barrel, the highest level since mid-2022.
The Treasury Department lifted sanctions on 140 million barrels of Iranian crude oil.
A temporary license was granted for Iran to sell oil that has been sitting on tankers.
The sale of 140 million barrels is enough to satisfy the entire world’s oil demand for about one-and-a-half days.
WHERE:
Iran
Strait of Hormuz
WHEN:
Sanctions were lifted on March 20th, 2026.
WHY:
Congressional Democrats criticized the measure, arguing it is an economic gift to Iran amid the ongoing war, with Virginia Democrat Don Beyer stating, “Clown show doesn’t begin to describe it.”
The decision aims to help ease soaring oil prices, which have surged to around $110 a barrel due to the ongoing war.
The Trump administration has blocked sales of Iranian crude since it abandoned the Iran nuclear agreement in 2018.
HOW:
In addition to sanctions waivers, the Trump administration released more than 45 million barrels of oil from its strategic reserves and temporarily waived a century-old shipping mandate to lower transport costs.
The temporary, one-month waiver on sanctions allows Iran to sell its sanctioned oil to help finance its war against the United States and its allies.
The administration is attempting to control oil prices while waging war, including desanctioning hundreds of millions of barrels of Russian oil the previous week.
(UPDATED March 22, 2026 11:03 UTC)
Today, the Department of Treasury issued a general license allowing the purchase of energy already on vessels as of March 20, with authorization extending through April 19. Goldman Sachs estimates that there are 105 million barrels of Iranian oil currently on water, while the global oil benchmark recently settled above $112 a barrel, marking its highest level since mid-2022. Congressional Democrats have criticized this move, claiming it benefits Iran during the ongoing war, with Virginia Democrat Don Beyer calling it a "clown show."
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(UPDATED March 22, 2026 01:36 UTC)
In a significant move, the Treasury Department lifted sanctions on 140 million barrels of Iranian crude oil on March 20, allowing Iran to sell oil that has been sitting on tankers. This temporary license aims to help ease soaring oil prices, which have surged to around $110 a barrel due to the ongoing war, and is part of the Trump administration's broader strategy to control oil costs while waging conflict. The sale of this oil is enough to satisfy the entire world’s oil demand for about one-and-a-half days and comes after years of blocked sales since the U.S. abandoned the Iran nuclear agreement in 2018.