US Approves 30-Day Authorization with Conditional Easing of Iran Oil Sanctions

Gate News reports that on March 21, the United States approved a 30-day conditional license on March 20 local time, relaxing sanctions on Iranian oil products. Under this license, shipments of Iranian crude oil and petroleum products that were already loaded as of March 20 are permitted for delivery and sale. U.S. Treasury Secretary Janet Yellen stated that the Department of the Treasury is issuing a narrow, short-term license allowing the sale of Iranian oil currently stranded at sea. By temporarily releasing existing oil supplies, the U.S. will quickly provide approximately 140 million barrels of oil to the global market. This temporary, short-term license is strictly limited to oil already in transit.