The Trump administration has temporarily waived sanctions on Iranian oil purchases at sea for 30 days to stabilize soaring oil prices caused by the ongoing US-Israel conflict with Iran.

Treasury Secretary Scott Bessent said the move would release about 140 million barrels of oil into global markets, helping to ease energy supply pressures.

Oil prices have surged roughly 50% to over $100 per barrel, the highest since 2022, raising concerns for US consumers and businesses ahead of the November midterm elections.

The waiver, the third in two weeks, follows earlier easing of sanctions on Russian oil and allows the sale of Iranian crude and petroleum products loaded on vessels as of Friday until April 19.

Some analysts warned that temporarily lifting sanctions could indirectly support Iran’s war effort, highlighting the delicate balance between market stability and geopolitical strategy.

Bessent stated, “By temporarily unlocking this existing supply for the world, the United States will quickly expand worldwide energy availability and relieve temporary pressures on supply caused by Iran.”