US Waives Sanctions on Iranian Oil for 30 Days; Tehran Denies Floating Supply

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Washington: The administration of Donald Trump has issued a 30-day waiver on sanctions related to Iranian oil sales at sea, in a move aimed at easing global energy prices amid ongoing tensions in the Middle East.

Announcing the decision, U.S. Treasury Secretary Scott Bessent said the temporary measure would allow the release of around 140 million barrels of oil into global markets, helping to stabilise supply disrupted by the conflict involving Iran and Israel.

The waiver permits the sale of Iranian oil already in transit but does not allow new production or purchases. Officials said the move is designed to increase global energy availability while maintaining broader economic pressure on Tehran.

However, Iran rejected the claim, stating that it has no floating crude or surplus available for international markets. The Iranian Consulate in Maharashtra said the remarks were aimed at reassuring buyers and managing market sentiment rather than reflecting actual supply conditions.

Bessent said the policy is part of broader efforts under “Operation Epic Fury,” launched by the United States in coordination with Israel, to counter Iran’s influence and ensure stability in global energy markets.

He added that sanctioned Iranian oil has been stockpiled at discounted rates by China, and that unlocking existing supplies could help offset recent disruptions, including those affecting the Strait of Hormuz.

Despite the temporary relief measure, U.S. officials stressed that sanctions remain in place and that Iran will face continued restrictions on accessing revenues from any oil sales.

The development marks the third such waiver in recent weeks, highlighting Washington’s efforts to balance geopolitical pressure with the need to stabilise global oil markets during a period of heightened volatility.