As energy prices continue to rise as a result of the US and Israel’s war in the Middle East launched on February 28, the US Treasury announced on Saturday, March 21, the lifting of sanctions on 140 million barrels of Iranian crude oil already loaded onto ships.
“Today, the Treasury Department is granting a temporary and short-term authorization allowing the sale of currently stranded Iranian oil at sea,” wrote Scott Bessent, Donald Trump’s Treasury Secretary, in a post on X.
A decision “which, according to the Trump administration, will help lower prices – but should also provide revenue to fund Iran’s war effort,” analyzed The Washington Post.
The almost complete blockade of the Strait of Hormuz, which before the war accounted for 20% of global oil supply, by the Revolutionary Guards has led to a global surge in energy prices. “Brent crude closed above $112 [96 euros] per barrel, with the weekly gains reaching about 9%. Prices slightly fell to settle around $108 [93 euros] per barrel following Trump’s remarks,” on a “gradual reduction” of US military operations in Iran, n
