A plan by the United States to ease global oil prices by releasing Iranian oil has run into immediate resistance from Tehran, with senior Iranian officials dismissing the move and insisting there is no oil available to supply the market.
The push came after Treasury Secretary Scott Bessent announced on Friday, March 20, a temporary 30-day authorization allowing the sale of Iranian oil already stranded at sea.
“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” Bessent said, adding that the move could unlock roughly 140 million barrels into global markets.
However, Speaker of Iran’s Parliament Mohammad Bagher Ghalibaf swiftly pushed back on Saturday, rejecting the premise outright in a statement on X.
“Lifting sanctions on Iranian oil currently stranded at sea? Sorry—we’re sold out.”
Dispute over ‘stranded Iranian oil’
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) formalized the move under Iran-related General License U, allowing transactions involving Iranian-origin crude loaded onto vessels as of March 20.
The authorization is limited strictly to oil already in transit and does not permit new purchases or production.
Bessent said the goal is to “expand the amount of worldwide energy” and ease supply pressures triggered by the ongoing conflict.
He also suggested much of the oil had been sitting in floating storage, with China among the key buyers of discounted Iranian crude.
Earlier, Iran’s Oil Ministry spokesman Saman Ghoddoosi said there was “basically no surplus crude oil left on the water,” describing the U.S. move as an attempt to “give hope to buyers.”
Also Read: Trump Approves Iranian Oil Worth Billions Stranded at Sea for Sale
The standoff comes as disruptions around the Strait of Hormuz continue to tighten global supply.
Iran has targeted vessels it links to the United States and Israel, disrupting shipments through the route that carries roughly a fifth of the world’s oil.
The pressure has contributed to rising prices, prompting Washington to explore emergency measures, including tapping sanctioned oil flows.
The move mirrors a similar step taken earlier involving Russian oil cargoes stranded at sea under a temporary waiver.
War enters new phase
Meanwhile, the President Donald Trump administration has reportedly begun early discussions on what a potential end to the conflict could look like.
According to sources familiar with the matter who spoke to Axios, senior envoys, including Jared Kushner and Steve Witkoff, are involved in initial planning for possible negotiations.
There has been no direct contact between Washington and Tehran in recent days. However, intermediaries, including Egypt, Qatar, and the United Kingdom, have passed messages between the two sides.
Iran is reported to be open to talks, but only under strict conditions, including a ceasefire, guarantees against future conflict, and compensation.
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U.S. officials have also reportedly outlined a series of demands that would form the basis of any agreement.
These include a halt to Iran’s missile program for five years, zero uranium enrichment, and the dismantling of nuclear facilities at Natanz, Isfahan, and Fordow.
Additional conditions involve strict international oversight of nuclear-related activities, limits on missile ranges, and an end to support for regional proxy groups.
Amid the shifting dynamics, President Trump on Friday said the United States is “very close” to achieving its military objectives and is considering winding down operations.
He outlined goals including degrading Iran’s missile capabilities, dismantling its defense infrastructure, and preventing any future nuclear development.
Trump also indicated that responsibility for securing the Strait of Hormuz could shift to other nations, with the U.S. stepping back unless needed.
