The U.S. government announced plans on March 20, 2026, to release approximately 140 million barrels of sanctioned Iranian oil.
Treasury Secretary Scott Bessent and Energy Secretary Chris Wright confirmed the supply will target crude prices currently exceeding $100 per barrel. The move follows the closure of the Strait of Hormuz due to ongoing conflict with Iran.
Officials expect the additional volume to reach Asian ports within days to reduce Iran's market leverage. Oil prices retreated from recent highs following the announcement and signals of potential de-escalation.