The US Treasury Department has issued a short-term authorization to sell sanctioned Iranian oil that is at sea, about 140 million barrels, which should increase global supply and stabilize prices.
US Treasury Secretary Scott Bessant wrote about this on March 21 on the social network X.
The US Treasury Department has issued a limited short-term authorization to sell about 140 million barrels of Iranian oil already on tankers. According to Bessent, this oil is currently being stockpiled by China, buying it cheaply. The temporary authorization is intended to redirect this volume to world markets. The authorization is a response to Iran's attacks on global energy infrastructure, the minister said.
“We will use Iranian barrels against Tehran to keep the price low while we continue Operation Epic Fury,” he added.
The permit only applies to oil already in transit. It does not cover new purchases or production. Bessent noted that it would be difficult for Iran to generate revenue from these sales.
The Treasury Secretary also said that the administration of US President Donald Trump is working to bring about 440 million additional barrels of oil to the global market to weaken the impact of Iranian actions in the Strait of Hormuz on the market.
Israeli and US military operation against Iran
On February 28, Israel attacked the Iranian capital Tehran. US President Donald Trump later said that the US military had launched a “major combat operation” against Iran to “eliminate imminent threats from the Iranian regime”. He accused the Iranian government of “funding and training” militants in Syria, Lebanon, Iraq and Hamas in Palestine. According to him, the aim of the military operation is to “destroy Iran's missile industry and navy” and “ensure that the world cannot be destabilised”.
The Islamic Revolutionary Guard Corps (IRGC) said it had launched missiles and drones towards Israel, and also attacked US military bases in Qatar, Saudi Arabia and the United Arab Emirates.
Amid the US military operation against Iran, French President Emmanuel Macron said that Paris is calling for an urgent meeting of the UN Security Council.
The European Union said it reaffirmed its “unwavering commitment to ensuring regional security and stability” in the Middle East.
Ukrainian President Volodymyr Zelenskyy said it was fair to give the Iranians a chance to get rid of “the terrorist regime and guarantee the security of all peoples who have suffered from attacks from Iran.”
On February 28, Trump announced that Iran's Supreme Leader Ali Khamenei was dead, a claim later confirmed by the Islamic Republic News Agency (IRNA).
On March 1, the IRGC announced that it was launching “the most devastating offensive operation in the history of the Islamic Republic” against Israel and “American terrorist bases.” Trump called on the Iranian regime to abandon these plans and threatened to strike “a very strong blow” in response.
On March 2, US Secretary of State Marco Rubio said that the next phase of the US military operation against Iran would be even more destructive.
On March 6, Trump declared the need for a complete change in Iran's leadership, adding that he already had several candidates for the role of “a good leader.”
On March 8, Iran's Assembly of Experts elected the son of the assassinated Ayatollah Ali Khamenei, Mojtaba Khamenei, as the third supreme leader of the Islamic Republic.
Trump declined to comment on the election of Mojtaba Khamenei, saying only: “We'll see what happens.” Before that, the American president said that the new leader of Iran “won't last long” if he doesn't receive the approval of the White House.