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The Trump administration has granted a 30-day relaxation in sanctions on the purchase of Iranian oil. This exemption is only for the purchase of Iranian oil tankers present at sea. US Treasury Minister Scott Besant announced this. According to the website of the Treasury Department, this exemption is for March 20 to April 19.
This has been done to increase the supply of oil in the global market and keep the prices under control. Due to the ongoing war between America and Israel with Iran, crude prices have crossed $110. Before the war started on February 28, it was around $70.
Scott Besant said that by temporarily opening this existing supply to the world, about 140 million barrels of oil will quickly reach the global market. This will increase the availability of energy around the world and will help in reducing the temporary pressure on supply.
Ban on purchase of Russian oil lifted for the second time
The Trump administration on Thursday issued a new ‘general license’, under which it is allowed to sell oil from Russian tankers that were loaded by March 12. According to the US Treasury Department, this exemption will remain in effect till April 11, 2026.
The US Treasury Department has clarified that this new license will replace the previous 30-day ‘Sanctions Waiver’ issued on March 12.
The old license lacked some technical clarity. Through the new license, America has completely excluded North Korea, Cuba and Crimea from this exemption.
Oil prices had reached $120 due to the war.
Due to increasing tension between America, Israel and Iran, fluctuations in crude oil prices have been seen in the international market for some time. Brent crude is trading at $ 112 per barrel today. Recently it had reached 120 dollars per barrel.
The biggest reason for the increase in oil prices is the closure of the Strait of Hormuz. This is about 167 km long waterway, which connects the Persian Gulf to the Arabian Sea. Due to Iran war this route is no longer safe. In view of the danger, no oil tanker is passing through there.
20% of the world’s total petroleum passes through here. Countries like Saudi Arabia, Iraq and Kuwait also depend on it for their exports. India sources 50% of its crude oil and 54% of its LNG requirement through this route. Iran itself exports through this route.
Now the reason and effect of this decision will be discussed in the question and answer below…
Question 1: Why did America suddenly relax the sanctions on Iran?
answer: It has been three weeks since the war with Iran started. During this time, the global supply chain has come to a standstill due to tension in the Middle East and closure of the Strait of Hormuz.
Crude oil prices have reached the highest level in 3.5 years. The Trump administration has taken this step to deal with this ‘energy crisis’.
Question 2: Is this America’s soft stance towards Iran?
answer: no way. Treasury Secretary Scott Besant says this is a well-thought-out strategy. “We are using Iranian barrels against Tehran to keep prices low,” he wrote on X. America argues that this oil would have been secretly sold to China anyway, it would be better if it were bought by American allies like Vietnam or Thailand.
Question 3: What will Iran do with the income from the sale of this oil?
answer: America has made it clear that it will be very difficult for Iran to earn this income. According to Besant, America will maintain its hold on the international banking system so that Iran cannot use this money. However, experts believe that oil prices have increased by 33%, so Iran will definitely get some economic benefit.
Question 4: Is 140 million barrels of oil enough for the world’s needs?
answer: According to the US Energy Information Administration (EIA), 140 million barrels of oil is equivalent to just one and a half day’s consumption of the entire world. Eurasia Group analyst Gregory Bru says that this stock will be exhausted very soon. After this, America will have the option of either lifting the ban on Iran completely or choosing some other tough path.
Question 5: What is ‘Operation Epic Fury’ and what is the role of oil in it?
answer: This is the Trump administration’s military and economic campaign against Iran. On one hand America is destroying Iran’s military bases, while on the other hand it does not want the global economy to collapse because of this. Ensuring the supply of oil is an important part of this operation so that American voters and allied countries do not have to bear the burden of inflation.
Question 6: What is Trump’s stand regarding the Strait of Hormuz?
Answer: About 20% of the world’s oil passes through this route, which Iran has almost closed. Regarding this, Trump said that after some time it will open automatically. At present, he is focusing more on fulfilling military objectives and considering the oil shortage as a temporary pain.
Question 7: What will happen next? What is the opinion of experts?
answer: Experts believe that America now has very few options left. According to former officer Landon Derentz, the situation is very serious. Now either America will have to open the Strait of Hormuz somehow or else it will have to be prepared for more serious economic consequences.
Knowledge Box: What is ‘Sanctions Waiver’?
When one country imposes trade restrictions on another, the legal exemption given to continue trade under certain conditions is called ‘waiver’. America often issues such temporary waivers on countries like Iran and Russia for its needs and to balance the global market.
Impact on India: India imports more than 80% of its oil needs. If 140 million barrels of extra oil comes to the global market, then the prices of petrol and diesel may remain stable.
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Read this news also…
All countries allowed to buy Russian oil: America gave 30 days exemption; Iran had warned that crude oil would reach $200.
The Trump administration has granted a 30-day relaxation in sanctions on the purchase of Iranian oil. This exemption is only for the purchase of Iranian oil tankers present at sea. US Treasury Secretary Scott Besant announced this. According to the website of the Treasury Department, this exemption is for March 20 to April 19.
This has been done to increase the supply of oil in the global market and keep the prices under control. Due to the ongoing war between America and Israel with Iran, crude prices have crossed $110. Before the war started on February 28, it was around $70. Read the full news… —————–
India will be able to buy crude oil from Russia: Due to Iran war, America gave concession till April 3, price of crude oil crossed 89 dollars.
The crisis of rising prices of petrol and diesel in India is currently over, because India has got relaxation in the conditions of purchasing crude oil from Russia. The US Treasury Department has given a special license of 30 days to Indian refineries. This license will remain valid till April 3.
US Treasury Secretary Scott Besant said on March 6 that this temporary step has been taken under President Trump’s energy agenda. He said that India is an important partner of America and this exemption has been given to keep the supply of oil stable in the global market. Read the full news…
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