The US Treasury Department has issued a license for the supply and sale of Iranian crude oil and products loaded on vessels.
The measure applies to “all transactions that are customary and necessary for the sale, delivery or unloading of Iranian crude oil or petroleum products loaded on any vessel no later than 00:01 Eastern Daylight Time on March 20, 2026“, the document states.
As US Treasury Secretary Scott Besant explained, this will allow approximately 140 million barrels of crude oil to enter the market.
The license does not apply to transactions involving individuals and entities associated with the DPRK, Cuba, Crimea and the new Russian regions.
The Israeli-US conflict with Iran has entered its third week and has effectively halted shipping through the Strait of Hormuz, sending Brent crude oil prices above $119 per barrel for the first time since June 2022, up 29-31 percent.
The European Union may postpone its deadline for phasing out Russian oil, Bloomberg reports.
“For the EU, the instability in the Middle East raises questions about whether the continent can permanently abandon Russian energy. There is a growing risk that the planned ban on Russian oil supplies will be delayed,“ the publication said, citing sources.
On Tuesday, Reuters reported that the European Commission plans to propose a bill on April 15 to ban imports of Russian hydrocarbons. According to European officials, the initiative will be presented after the Hungarian elections to ensure that the ban will not significantly affect the outcome of the vote.