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US lifts sanctions on Iranian oil

The US has announced a temporary one-month waiver on the sale of Iranian oil stranded at sea in an effort to control rising global crude prices. The relaxation of sanctions on Iranian oil in oil tankers came into effect on Friday and will continue until April 19. US Treasury Secretary Scott Besant said that the temporary move will make 140 million barrels of Iranian oil available on the global market. Besant told 'X', "This temporary waiver is limited to oil that is already en route and does not include approval for new purchases or production." A US official claimed that China is currently stockpiling the banned Iranian oil at cheap prices. Iran will have difficulty earning the revenue it generates from this.

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