Washington: The US temporarily lifted sanctions on the sale of Iranian oil loaded on vessels as of March 20, in a bid to curb the increase in energy prices resulting from the war in the Middle East. The suspension of sanctions would expire on April 19.

According to Qatar News Agency, US Secretary of the Treasury Scott Bessent announced on Twitter that the Department of the Treasury has issued a narrowly tailored, short-term authorization allowing the sale of Iranian oil currently stranded at sea. This decision is expected to bring approximately 140 million barrels of oil to global markets, aiming to ease the pressure on energy supply caused by Iran.

Bessent's announcement highlights the US's strategic move to stabilize energy prices amidst geopolitical tensions. The temporary measure underscores the complex economic considerations that influence international sanctions, particularly in relation to global energy demands and regional conflicts.