(Some) Sanctions on Iranian oil lifted

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In a desperate attempt to keep oil prices from rising, the administration has ended some sanctions on Iranian oil.

This, to me, seems a short term solution to a problem they caused, and one which will be counterproductive to the entire effort: enriching Iran’s coffers so they can go about oppressing the population, pursuing the purchase of uranium cascades, funding rogue militias throughout the middle east, and worse.

But hey, it could save a nickel a gallon, so there’s that.

https://www.nytimes.com/2026/03/20/world/middleeast/us-sanctions-iran-oil.html

U.S. Lifts Sanctions on Some Iranian Oil to Get More to Market

Treasury Secretary Scott Bessent estimated that the move would add about 140 million barrels of crude to the oil market.

The Treasury Department on Friday temporarily lifted sanctions on Iranian oil that is currently at sea, authorizing it to be sold to most countries. The license applies to oil loaded on vessels as of March 20 and extends until April 19.

Treasury Secretary Scott Bessent previewed the decision on Thursday and estimated that lifting the sanctions would add about 140 million barrels of crude to the oil market. The move follows the easing of sanctions on Russian oil last week. Mr. Bessent said in a post on X that Iran would see little economic benefit from the removal of the sanctions.

“Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system,” Mr. Bessent said.

Well, OK but there’s also this:

It is not clear that the limited lifting of sanctions on Iranian oil will affect global prices. Most Iranian oil is exported to China through its “shadow fleet” of tankers that evade American sanctions.

Energy analysts believe that most of the crude that is already at sea has been bought and accounted for, suggesting that lifting sanctions on that oil will not add a significant amount of additional oil supplies to the market.

First it’s Russian oil. Now it’s Iranian oil. Man, this is going great, doing just what we hoped, in the inverse universe.

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It’s a matter of perspective. Definitely going great for someone, probably not us.

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What’s amusing is how they want to have it both ways.

  • “This won’t help Iran because that oil is already at sea and it’s not that much anyway.”

  • “This will be enough to help reduce oil prices.”

  • “We’re taking the sanctions off the oil that’s been smuggled in unregistered tankers going to countries which have been violating the sanctions anyway.”

I take it back. They want to have it three ways.

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