US allows Iran oil sales for 30 days
The US just gave a 30-day green light for Iranian oil already sitting on ships to be sold, hoping it'll help cool off soaring energy prices.
This move could free up about 140 million barrels stuck at sea and comes amid roughly a 50% surge in energy prices since late February.
Waiver aims to reduce prices while restricting proceeds access
Tensions in the Middle East, especially the U.S.-Israel conflict with Iran, have blocked key oil routes like the Strait of Hormuz, making fuel more expensive everywhere.
Treasury Secretary Scott Bessent said the waiver is intended to allow Iranian barrels already at sea to be sold to help lower prices while restricting Tehran's access to the proceeds.
Waiver only covers oil already shipped out
This waiver is super limited: it only covers oil that's already been shipped out, not any new exports from Iran.
Plus, officials say the waiver is intended to limit Iran's access to the proceeds of those sales.
It's actually the third short-term waiver in two weeks, following similar moves for Russian oil stranded at sea.