US eases sanctions on Iranian oil stranded on tankers under 1-month license, here's why
The Trump administration issued a one-month licence to allow these shipments to proceed without penalty.
- Mar 21, 2026,
- Updated Mar 21, 2026 9:50 AM IST
The US government has eased sanctions on Iranian oil stranded on tankers at sea until April 19. This temporary move aims to ease rising oil prices amid global supply concerns.
The sanction relief applies to Iranian oil loaded on ships as of the previous Friday. The Trump administration issued a one-month licence to allow these shipments to proceed without penalty.
US Treasury Secretary Scott Bessent noted that the pause is intended to prevent China from becoming the sole beneficiary of Iranian oil amid ongoing restrictions.
This one-month licence permits the sale of Iranian oil loaded onto ships before the deadline, subject to restrictions, including bans on sales involving North Korea or Cuba.
On Friday, US Energy Secretary Chris Wright said that removing oil sanctions on stranded Iranian oil would allow supplies to reach within 3-4 days. “Within days, within three or four days, that oil will start to arrive at ports,” Wright said in an interview with Fox Business Network.
Iranian oil stranded on tankers has been unable to enter markets due to existing sanctions, which have adversely impacted Tehran's ability to export crude.
Alongside the pause in Iranian oil sanctions, the US also eased sanctions on specific Russian oil shipments for 30 days. This step is part of efforts to increase global oil supplies during the conflict in Iran.
Meanwhile, United Airlines is adjusting its outlook on fuel costs. United Airlines CEO Scott Kirby shared in a message to employees that jet fuel prices, which have more than doubled in three weeks, could cost the airline $11 billion annually if they remain at current levels.
Kirby said in a letter to employees, "I think there’s a good chance it won’t be that bad, but ... there isn’t much downside for us to preparing for that outcome." This reflects the airline's cautious approach amid volatile energy markets.
Brent crude oil prices have fluctuated significantly, moving from about $70 per barrel before the Iran war to a peak of $119.50 this week. Global oil and energy prices have risen after Iran's actions around the strategically vital Strait of Hormuz.
The US government has eased sanctions on Iranian oil stranded on tankers at sea until April 19. This temporary move aims to ease rising oil prices amid global supply concerns.
The sanction relief applies to Iranian oil loaded on ships as of the previous Friday. The Trump administration issued a one-month licence to allow these shipments to proceed without penalty.
US Treasury Secretary Scott Bessent noted that the pause is intended to prevent China from becoming the sole beneficiary of Iranian oil amid ongoing restrictions.
This one-month licence permits the sale of Iranian oil loaded onto ships before the deadline, subject to restrictions, including bans on sales involving North Korea or Cuba.
On Friday, US Energy Secretary Chris Wright said that removing oil sanctions on stranded Iranian oil would allow supplies to reach within 3-4 days. “Within days, within three or four days, that oil will start to arrive at ports,” Wright said in an interview with Fox Business Network.
Iranian oil stranded on tankers has been unable to enter markets due to existing sanctions, which have adversely impacted Tehran's ability to export crude.
Alongside the pause in Iranian oil sanctions, the US also eased sanctions on specific Russian oil shipments for 30 days. This step is part of efforts to increase global oil supplies during the conflict in Iran.
Meanwhile, United Airlines is adjusting its outlook on fuel costs. United Airlines CEO Scott Kirby shared in a message to employees that jet fuel prices, which have more than doubled in three weeks, could cost the airline $11 billion annually if they remain at current levels.
Kirby said in a letter to employees, "I think there’s a good chance it won’t be that bad, but ... there isn’t much downside for us to preparing for that outcome." This reflects the airline's cautious approach amid volatile energy markets.
Brent crude oil prices have fluctuated significantly, moving from about $70 per barrel before the Iran war to a peak of $119.50 this week. Global oil and energy prices have risen after Iran's actions around the strategically vital Strait of Hormuz.