U.S. Treasury Secretary Scott Bessent authorized the temporary sale of Iranian oil currently stranded at sea. This measure responds to a global energy crisis and soaring crude prices driven by Middle East conflict.
A blockade of the Strait of Hormuz has halted nearly 20 million barrels of daily oil flow. The International Energy Agency labeled the event the largest supply disruption in history.
Brent crude prices surged over 50% since the conflict began. Oil is currently trading near $112 per barrel.
The authorization applies only to oil already in transit and prohibits new production or purchases. This policy intervention aims to stabilize markets and prevent a wider economic downturn while maintaining pressure on Iran.