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US President Donald Trump on Monday justified his administration's decision to temporarily ease sanctions on Iranian oil, stating that the move will introduce as much oil in the system as possible.
Speaking to reporters here, Trump emphasised that the move is intended to stabilise global oil supply rather than benefit Iran financially amid the ongoing conflict in West Asia. He added that allowing the oil to enter the market ensures that global energy demands are met, while any revenue Iran might earn is unlikely to impact the conflict. "I just want to have as much oil in the system as possible... You have ships that are out there that are loaded up with oil. Rather than keep it there, I would rather see it go to the system. Any small amount of money that Iran gets is not going to have any difference in this war," the US President stated. Earlier on Friday, the US, amid the heightened geopolitical tensions and concerns over disruptions to energy flows through the Strait of Hormuz, announced the temporary easing of sanctions on Iranian-origin crude oil and petroleum products up until April 19, including permitting the sale of Iranian crude and refined products into the United States. The details of the decision were provided by a statement from the US Department of the Treasury's Office of Foreign Assets Control, which authorised the delivery and sale of crude oil and petroleum products of Iranian origin, which are loaded on vessels as of March 20. The statement noted 19 April 2026 as the date till which the exceptions would exist on Iranian-origin crude oil and petroleum products. "All transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Iranian origin loaded on any vessel, including vessels blocked under the above-listed authorities, on or before 12:01 a.m. eastern daylight time, March 20, 2026 are authorised through 12:01 a.m. eastern daylight time, April 19, 2026," the statement from the department read. The statement noted that the transactions authorised by the licence also include the import of Iranian-origin crude oil and petroleum products into the United States. (ANI)
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