US Treasury Grants Temporary License for Iranian Oil Sales
New License for Iranian Oil Sales
On Friday, the US Treasury Department announced a new general license concerning Iran, which permits the sale of Iranian crude oil and petroleum products that were loaded onto vessels prior to March 20. This authorization will remain in effect until 12:01 AM EDT on April 19. According to the Treasury's official website, this measure allows for the temporary delivery and sale of oil originating from Iran under specific conditions, thereby easing restrictions for vessels already transporting these products.
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Details of the New Treasury License
The newly issued license enables vessel owners carrying Iranian crude oil or petroleum products that are already loaded to sell and deliver their cargo within the 30-day timeframe. This temporary measure relaxes US restrictions on such shipments, providing limited trading opportunities while still upholding broader sanctions against Iran. It is important to note that this license only applies to oil already on board ships and does not permit new shipments from Iran.
Officials clarified that this temporary license does not signify a wider easing of sanctions and is strictly applicable to the specified shipments. Traders and shipping companies must adhere to the license's terms to ensure compliance during this period.
Statements from Scott Bessent
US Treasury Secretary Scott Bessent characterized the license as a “narrowly tailored, short-term authorization allowing the sale of Iranian oil currently stranded at sea,” in a statement posted on X. He further indicated that Iran “will have difficulty accessing any revenue generated,” suggesting that the US aims to maintain pressure on Tehran despite this temporary relief for certain shipments.
The Treasury's decision comes amid escalating tensions between the US and Iran, particularly in light of the ongoing Israel-Iran conflict. This move seeks to alleviate economic pressures while retaining diplomatic leverage over Iran. Following the announcement, global oil markets reacted, with benchmark crude prices rising above $112 a barrel on Friday, marking the highest level since mid-2022. Prices saw a slight decline in post-settlement trading after US President Donald Trump mentioned he was contemplating “winding down” military efforts against Iran.