The U.S. Treasury Department has granted a short-term license allowing the sale of approximately 140 million barrels of Iranian oil currently at sea. This decision aims to increase global oil supply and stabilize prices, according to Treasury Secretary Scott Bessent.
Bessent announced on March 21 via social media that the oil, primarily stockpiled by China at lower prices, will be redirected to international markets. The move is seen as a response to Iran’s attacks on global energy infrastructure.
“We will use Iranian barrels against Tehran to keep prices low while we continue Operation Epic Fury,” Bessent stated.
This temporary license applies only to oil already in transit and does not cover new purchases or extraction. Bessent emphasized that Iran would face challenges in generating revenue from these sales.
Additionally, the Trump administration is working to release around 440 million more barrels of oil onto the global market to mitigate the impact of Iranian actions in the Strait of Hormuz.
Military Operations Against Iran
On February 28, Israel launched an attack on Tehran, prompting U.S. President Donald Trump to announce a “major military operation” against Iran, aimed at eliminating perceived threats from the Iranian regime. Trump accused Iran of funding and training militant groups in Syria, Lebanon, Iraq, and Palestine.
The operation intends to dismantle Iran’s missile industry and naval capabilities to prevent further destabilization.
The Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for launching missiles and drones toward Israel and attacking U.S. military bases in Qatar, Saudi Arabia, and the United Arab Emirates.
In light of these military actions, French President Emmanuel Macron called for an urgent meeting of the UN Security Council. The European Union reaffirmed its commitment to ensuring regional security and stability in the Middle East.
Ukrainian President Volodymyr Zelensky expressed support for giving Iranians a chance to rid themselves of the “terrorist regime” and guarantee safety for all affected by Iranian attacks.
On February 28, Trump claimed that Iran’s Supreme Leader Ali Khamenei was dead, a statement later confirmed by the Islamic Republic News Agency (IRNA).
On March 1, the IRGC announced the launch of its “most destructive offensive operation in the history of the Islamic Republic” against Israel and U.S. military bases. Trump warned the Iranian regime to abandon these plans, threatening a “very strong response” if they did not.
On March 2, U.S. Secretary of State Marco Rubio indicated that the next phase of military operations against Iran would be even more devastating.
On March 6, Trump called for a complete change in Iran’s leadership, mentioning he had several candidates in mind for a “good leader.”
On March 8, Iran’s Assembly of Experts elected Mojtaba Khamenei, the son of the slain Ayatollah Ali Khamenei, as the third Supreme Leader of the Islamic Republic.
Trump declined to comment on Mojtaba Khamenei’s election, stating, “We’ll see what happens.” Previously, he had suggested that the new Iranian leader would not last long without the approval of the White House.
The U.S. Treasury has issued a temporary license for the sale of Iranian oil, aiming to increase global supply amid ongoing military operations against Iran. This move is part of a broader strategy to counter Iranian influence and stabilize oil prices.