US Issues 30-Day Waiver on Iranian Oil Sanctions Amid Rising Prices

The US Treasury Department has issued a 30-day waiver on sanctions for Iranian oil, aiming to ease pressure on global energy markets amid surging prices.

US Treasury Secretary Scott Bessent announced the measure on X, stating it would bring approximately 140 million barrels of oil into global markets. The waiver was published on the Treasury website on Friday, March 21, 2026.

The action comes as oil prices have risen sharply due to tensions between the United States, Israel and Iran. Bessent described the waiver as temporary and limited.

According to details in the waiver, it applies to Iranian crude oil and petroleum products loaded onto vessels between March 20 and April 19, allowing sales or deliveries to be completed. It excludes regions including Cuba, North Korea and Crimea, and remains valid until April 19. While some reports describe it as a general suspension of sanctions on oil purchases, others specify it covers only oil already in maritime transit and does not permit new purchases or production.

The move is the third such temporary sanctions waiver in two weeks, following earlier relief on Russian oil, according to Pajhwok. It is expected to benefit China, Iran's main oil buyer, with US Energy Secretary Chris Wright noting supply could reach Asia in days and enter markets after refining within a month and a half.

Some analysts have raised concerns. David Tannenbaum of Blackstone Compliance Services told the BBC the measure could allow Iran to benefit from oil sales to finance war efforts.