Chicago – March 20, 2026
Washington, March 20, 2026 – The U.S. Treasury Department announced a temporary suspension of sanctions on Iranian oil loaded onto ships as of March 20, allowing approximately 140 million barrels of crude currently in transit to reach global markets until April 19. Treasury Secretary Scott Bessent stated this measure equates to 10-14 days of supply, aimed at easing skyrocketing energy costs amid the ongoing U.S.-Iran conflict.
The decision reverses aspects of the “maximum pressure” campaign on Iran’s energy exports, following similar relief for Russian oil. U.S. gas prices have climbed to $3.88 per gallon, posing political challenges for President Trump ahead of midterms. Bessent emphasized Iran would gain little economically, as funds remain inaccessible, while prioritizing American consumers.
White House officials frame this as a short-term step alongside Jones Act waivers and strategic reserve releases to stabilize prices. Analysts warn it could deplete quickly, potentially requiring broader sanctions relief.
