Iran denies floating crude after US temporarily eases sanctions on loaded oil
Mar 23rd 2026 ยท Iran
The US temporarily authorized sale of Iranian-origin oil loaded by March 20 to ease supply pressure through April 19, 2026, while Iran denies having floating crude or surplus, raising market uncertainty.
- US OFAC authorized transactions to sell and import Iranian-origin crude and petroleum products loaded on vessels by 12:01 am EDT March 20, 2026 through 12:01 am EDT April 19, 2026.
- Treasury Secretary Scott Bessent said the move would free about 140 million barrels stranded at sea to help stabilize global markets while limiting the authorization to oil already in transit.
- The authorization permits sale and delivery into the United States but does not allow new purchases or new production and aims to restrict Iran's access to revenue.
- Iran's consulate in Mumbai said Tehran has no floating crude or surplus available for international markets, contradicting the US statement and risking further market uncertainty.
- The measure comes as the Strait of Hormuz remains disrupted and crude prices have risen amid the wider West Asia conflict.
Articles
- Refiners in India, elsewhere in Asia look to buy Iranian oil after US waives sanctions www.reuters.com
- Iran says no floating crude or surplus available, after US eases sanction on Iran crude loaded on vessels as of March 19 economictimes.indiatimes.com
- Iranian oil is offered to India at premium to Brent, sources say www.reuters.com