The Trump administration waived sanctions for 30 days on the purchase of Iranian oil at sea, in an effort to ease rising global oil prices driven by the U.S.–Israeli conflict with Iran.

Axar.az reports that Treasury Secretary Scott Bessent posted on X that the waiver helps to relieve pressure on energy supplies.

"Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea."

He added: "At present, sanctioned Iranian oil is being hoarded by China on the cheap. 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."

Cuba, North Korea and Crimea are among regions excluded from the license, which will remain in effect until April 19.

It should be noted that on March 19, there was a sharp spike in energy prices. On the London ICE exchange, Brent crude oil exceeded $119 per barrel for the first time since March 9.