According to the announcement, restrictions on the trade of oil and petroleum products from Iran will be lifted until April 19. This applies to shipments that were loaded and in transit as of March 20.
According to U.S. Treasury Secretary Scott Bessent, this decision will allow approximately 140 million barrels of oil to enter international markets. It is expected that this will help reduce the deficit and lower prices, which have significantly increased due to Tehran's blockade of shipping in the Strait of Hormuz amid the ongoing war between the U.S., Israel, and Iran, which has now lasted for four weeks.
Before the conflict began, China was the main buyer of Iranian oil.
It is worth noting that the U.S. had also previously temporarily eased sanctions on Russian oil, confirming a similar practice.
