The Trump administration temporarily paused sanctions on Iranian oil “stranded at sea” Friday in an effort to curb soaring prices.
“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Treasury Secretary Scott Bessent announced on X.
Bessent said easing sanctions would allow 140 million barrels of oil to hit global markets and help “relieve the temporary pressures on supply caused by Iran.”
The prices at the pump could soon be going down as the U.S. unsanctions Iranian oil. AFP via Getty ImagesSanctioned Iranian oil is presently being “hoarded by China on the cheap,” according to Bessent.
“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” the treasury secretary said.
The pause in sanctions will remain in effect until April 19.
The authorization is “strictly limited” to oil that is already in transit and does not allow new purchases of Iranian oil.
US Treasury Secretary Scott Bessent addresses journalists at the OECD Headquarters in Paris, France, on March 16, 2026. AFP via Getty ImagesThe price of Brent crude rose to $103 Friday as Iran’s blockade of the Strait of Hormuz continues to disrupt global oil markets.
The Strait of Hormuz – responsible for a fifth of the world’s oil exports – has been effectively closed by Tehran since President Trump launched the joint US-Israeli attack on Iran on Feb. 28.
The Iranian regime has repeatedly attacked oil tankers attempting to use the critical waterway.
Last week, the Trump administration similarly paused sanctions on Russian oil stranded at sea and weighed another release of oil from the US Strategic Petroleum Reserve as fuel prices skyrocketed.
President Donald Trump speaks to the media as he departs the White House for Florida, in Washington, D.C., U.S., March 20, 2026. REUTERSOn Thursday, Vice President JD Vance warned that consumers face a “rough road ahead” due to the Iran war.
“We’ve got a rough road ahead of us for the next few weeks, but it’s temporary,” Vance said at an event outside Detroit.
“Look, gas prices are up, and we know that they’re up and we know that people are hurting because of it, and we’re doing everything we can to ensure they stay lower,” he continued, adding that Trump was “working on a number of things — in fact, a couple of things that I think will be announced in just the next 24 to 48 hours” to bring prices at the pump down.
Energy Secretary Chris Wright has said there is “a very good chance” that gasoline prices – which hit $3.91 on Friday, per AAA – will be back below $3 by the summer.
