As energy prices continue to rise in the wake of the Middle East war initiated by the United States and Israel on February 28, the US Treasury Department announced on Saturday 21 March the lifting of sanctions on 140 million barrels of Iranian crude oil already loaded on ships.
“Today, the Treasury Department is granting a temporary and short-term authorization allowing the sale of Iranian oil currently blocked at sea,” wrote Scott Bessent, Donald Trump’s Treasury Secretary, in a post on X.
A decision that, according to the Trump administration, will help lower prices – but which should also provide revenue to fund Iran’s war effort, analyzes The Washington Post.
Indeed, the almost total blockade of the Strait of Hormuz, through which 20% of the world’s oil passed before the war, by the Revolutionary Guards has caused a global spike in energy prices. “The Brent barrel closed above $112 [96 euros], bringing gains for the week to about 9%. Prices slightly receded to settle around $108 [93 euros] per barrel following Trump’s statements,” on a “gradual reduction” of US military operations in Iran.
