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The Trump administration declared a 30-day waiver of the secession on sanctions on March 20, 2026, unexpectedly, to fight global energy prices surging due to the war fought by the US and Israel with Iran and the blockade by Tehran of the Strait of Hormuz. The general license, which will allow the sale and delivery of the Iranian crude oil and petroleum products loaded in the vessels from March 20 until April 19, was announced by US Treasury Secretary Scott Bessent.

The strictly specific authorization is focused on about 140 million barrels of oil that are already stranded in the sea and opens the existing supply options but does not allow new production or acquisition. According to Bessent, this will quickly deliver the oil to the world markets, alleviating the temporary pressure of the actions taken by Iran, as well as contribute to the reduction of the prices of consumers all over the world.

This is the third recent temporary waiver of Russian oil, as the Russian oil had earlier been given some relief. The measure is an indication of attempts to counter the economic backlash of the conflict in its fourth week and, at the same time, pressure on Tehran. The oil markets responded positively, and the prices plummeted based on the news, yet unpredictabilities of the bigger war are still there.