US Gives OK To Buy Iranian Oil Already At Sea

The Trump administration temporarily lifted sanctions on Iranian oil Friday, allowing buyers to purchase shipments already at sea in a bid to ease soaring global energy prices.

The U.S. Treasury authorized a temporary exemption from sanctions on Iranian oil, allowing purchases of shipments already loaded onto ships by 12:01 a.m. ET Friday and lasting until April 19, while explicitly excluding buyers in North Korea, Cuba, and Russian-occupied regions of Ukraine.

The general license explicitly permits all transactions ordinarily necessary for the sale, delivery, or offloading of Iranian crude oil or petroleum products loaded by the cutoff time, including vessels previously blocked under U.S. sanctions. That includes activities such as safe docking, crew health and safety, emergency repairs, environmental mitigation, and essential services like vessel management, crewing, bunkering, piloting, registration, flagging, insurance, classification, and salvage.

“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Treasury Secretary Scott Bessent wrote on X. “The Trump Administration has been working to bring around 440 million additional barrels of oil to the global market, undercutting Iran’s ability to leverage its disruptions in the Strait of Hormuz.”

The license also allows for the importation of Iranian-origin crude oil into the United States when such imports are directly related to the authorized sale, delivery, or offloading of the oil. Iranian crude and petroleum products covered under the authorization include those produced by entities sanctioned under the Iranian Transactions and Sanctions Regulations, Iranian Financial Sanctions Regulations, or the Global Terrorism Sanctions Regulations.

However, the authorization does not extend to transactions involving individuals or entities located in North Korea, Cuba, or Russian-occupied regions of Ukraine, including any entity owned, controlled by, or in a joint venture with such persons. It also does not authorize any other prohibited activities under existing executive orders or parts of U.S. sanctions regulations not referenced in the license.

Since the launch of Operation Epic Fury on Feb. 28, Iran has attempted to impede U.S. shipping through the Strait of Hormuz, the narrow passage between Iran and the Arabian Peninsula that typically handles about one-fifth of global oil shipments. The slowdown in tanker traffic has contributed to a rise in oil prices in the weeks that followed.

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