The Callisto tanker sits anchored as the traffic is down in the Strait of Hormuz, amid the US-Israeli conflict with Iran, in Muscat, Oman, March 10, 2026. (File Photo: REUTERS/Benoit Tessier)

“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Treasury Secretary Scott Bessent said.

The waiver, effective until April 19, allows Iran to sell about 140 million barrels of crude oil and other petroleum products that were loaded before March 20. However, it does not apply to shipments bound for Cuba, North Korea, or Russian-controlled areas of Ukraine.

“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran,” Bessent said in a statement on X.

CNN, citing US intelligence and government officials, reported that Washington is urgently exploring options to prevent a prolonged closure of the Strait of Hormuz. US officials have acknowledged that securing the reopening of this critical shipping route remains a major challenge and may depend, in part, on President Trump’s willingness to increase pressure on Tehran.

In a related development, Iranian Foreign Minister Abbas Araghchi said Tehran is prepared to facilitate the safe passage of Japanese vessels through the Strait of Hormuz, adding that Iran is seeking not just a ceasefire, but a comprehensive and lasting end to the conflict.