The United States on Friday authorized the sale and delivery of Iranian oil and petroleum derivatives that were on vessels as of March 20th. Washington hopes the move will curb the surge in energy prices fueled by the conflict in the Middle East.
(Keystone-ATS) The measure will be in effect until April 19th. U.S. Treasury Secretary Scott Bessent indicated on Thursday that the United States was considering easing sanctions against Iran to allow these transactions. He clarified that this easing would apply only to Iranian oil already stored at sea on vessels.
However, Tehran asserted on Friday that it does not have any surplus of crude oil at sea. “Currently, Iran does not actually have any surplus of crude oil at sea or to supply international markets, and the statements by the U.S. Treasury Secretary are only aimed at giving hope to buyers,” posted the spokesperson for the Iranian Ministry of Oil on the social network X.
Strait of Hormuz Blocked
The blockage of the Strait of Hormuz, through which typically 20% of the world’s oil and gas transit, and the numerous attacks on energy infrastructure in the Middle East have driven up crude oil prices. This situation underscores the sensitivity of global energy markets to geopolitical events.
Oil prices finished higher on Friday, but remained below the $120 per barrel threshold reached several times since the conflict began on February 28th.
Brent crude from the North Sea gained 3.26% to $112.19. Its American equivalent, West Texas Intermediate (WTI), traditionally cheaper, advanced 2.27% to $98.32.
On February 27th, the day before the Israeli-American attack on Iran, North Sea Brent finished at $72.48 and WTI at $67.02.
