US Eases Iran Oil Sanctions for Stuck Cargoes to Stabilize Markets; Iran Says No Stock

US Eases Sanctions to Control Oil Prices

This decision is intended to help lower oil prices, which have been hovering above $100 a barrel this week. A significant factor in this is Iran’s increasing efforts to restrict the movement of oil tankers through the Strait of Hormuz, a crucial passageway that sees 20% of the world’s oil and gas flow through it.

India Eyes Iranian Oil Amid Shortage

Meanwhile, Indian refiners are looking to restart their purchases of Iranian crude oil now that the U.S. has lifted some sanctions, hoping to alleviate an energy crunch exacerbated by the conflict in Tehran . While India has already begun importing Russian oil after a similar U.S. waiver, refiners are now turning their attention to Iranian oil.
India relies heavily on oil imports, sourcing about 90% of its needs, with around 60% of its crude coming from the Gulf region.

Iran Rejects: No Surplus for Sale

However, Iran’s recent actions have complicated the situation, as they contradict U.S. efforts and could further disrupt an already unstable energy market.
"At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment," said a statement by Iran's consulate in Mumbai.

Third US Waiver

This is now the third time the U.S . has granted a waiver on sanctions for a period of about two weeks. On Friday, a general license was issued, allowing the sale of Iranian crude oil and petroleum products loaded onto ships from March 20 to April 19. This was announced on the Treasury Department’s website after the U.S. eased sanctions on Russian oil as well.