New Delhi : The Trump administration has granted a 30-day waiver on restrictions related to the purchase of Iranian oil, allowing transactions involving Iranian oil tankers currently at sea. The announcement was made by US Treasury Secretary Scott Bessent. According to the Treasury Department’s website, the waiver is valid from 20 March to 19 April.
The move aims to boost global oil supply and stabilise prices, which have surged amid the ongoing conflict between the US, Israel, and Iran. Crude prices have risen above $110 per barrel, compared to around $70 before the conflict began on 28 February.
Bessent said that temporarily releasing this supply into the market could bring in approximately 140 million barrels of oil. This is expected to improve global energy availability and ease the short-term pressure on supply chains.