March 20, Kathmandu – The US Department of the Treasury has temporarily lifted the sanctions imposed on Iranian oil.
The oil, which is currently at sea, is now permitted to be sold to as many countries as possible.
This action has been taken by the US to stabilize global oil prices, according to reports.
US Treasury Secretary Janet Yellen stated via X that this short-term authorization could release approximately 140 million barrels of oil into the global market.
Yellen emphasized that she is confident Iran will derive no financial benefit from these sales.
“This authorization is strictly limited to oil that is already en route. It does not apply to new purchases or production,” she said. “We will use these barrels of Iranian oil to counteract price increases and keep global oil prices down.”
Following the outbreak of conflict and subsequent Iranian attacks on Middle East energy infrastructure, oil and gas prices surged sharply.
Currently, Brent crude oil prices have reached nearly $112 per barrel, marking a 3% increase on Friday and a 53% rise over the past year.
