U.S. Allows Sale of Iranian Oil Loaded onto Ships Before March 20

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The US Treasury Department has issued a temporary license allowing the sale and delivery of Iranian oil that has already been loaded onto ships. The decision applies to crude oil and petroleum products of Iranian origin that were loaded onto tankers no later than March 20th.

According to the document, all operations necessary for the sale, transportation, and unloading of this oil are permitted. The license is limited in scope and will remain in effect until April 19th, Moscow time.

Scott Bessent, head of the US Treasury Department, stated that the measure will bring approximately 140 million barrels of oil to the global market. However, the authorization does not cover transactions involving individuals or companies associated with North Korea, Cuba, Crimea, or the newly annexed Russian regions.

The decision was made amid a sharp escalation of the situation in the Middle East. Due to the conflict between Israel, the US, and Iran, shipping through the Strait of Hormuz has become significantly more complicated, which previously caused a spike in global oil prices. The price of Brent crude momentarily rose above $119 per barrel - the first time since June 2022.