US Gives Temporary OK For Purchase Of 'Stranded' Iranian Oil

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US Gives Temporary OK For Purchase Of 'Stranded' Iranian Oil

RFE
20 Mar 2026, 11:45 GMT+

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00:42

US Issues Temporary Authorization For Purchase Of 'Stranded' Iranian Oil

The US Treasury on March 20 said it was issuing temporary authorization for the delivery and sale of Iranian crude oil and petroleum products already at sea.

The move marks the second action easing sanctions on oil against two of the most heavily sanctioned countries in the world -- Iran and Russia, which received a similar waiver on March 12.

Oil prices have surged on world markets amid the US-Israeli war with Iran and Tehran's retaliatory strikes against the energy infrastructure of US Gulf Arab allies.

In the latest statement, US Treasury Secretary Scott Bessentsaidthe United States was "issuing a narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea."

US Treasury Secretary Scott Bessent: 'Narrowly tailored, short-term authorization.'

"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," he added.

Bessent said the temporary authorization "is strictly limited to oil that is already in transit and does not allow new purchases or production."

He also said Tehran Iran will have "difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system."

Earlier on March 20, Iran rejected the suggestion that the move would put 140 million barrels into the system, saying it had no surplus crude oil to offer to international markets.

"Currently, Iran basically has no surplus crude oil left on the water or for supply in other international markets, and the US treasury secretary's statement is solely aimed at giving hope to buyers," Iranian oil ministry spokesman Saman Ghoddoosi wrote on X.

The move comes after the Treasury on March 12, said the United States was allowing a temporary purchase of Russian oil already at sea in an effort to stabilize markets, raising the ire of many US Democrats, the European Union, and Ukrainian President Volodymyr Zelenskyy, whose country is a battle for its life against an all-out Russian invasion.

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22:47

Iran Says It Has No Surplus Oil At Sea For World Markets

Iran says it has no surplus crude oil at sea to offer to international markets following remarks by the US Treasury chief indicated that Washington could lift sanctions on Iranian oil at sea to help ease the global crisis. Currently, Iran basically has no surplus crude oil left on the water or for supply in other international markets, and the US Treasury secretarys statement is solely aimed at giving hope to buyers, Iranian oil ministry spokesman Saman Ghodousiwrote on X.US Treasury Secretary Scott Bessent on May 19 said Washington might lift sanctions on Iranian oil already in transit to slow rising gas prices during the war in Iran. Bessent told Fox Business that about 140 million barrels of oil would be released. "That's about 10 days to two weeks of supply that the Iranians had been pushing out that would have all gone to China," Bessent said. "In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign."

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22:12

Trump: 'I Dont Want To Do A Cease-Fire'

US President Donald Trump said he sees no reason to seek a cease-fire in the war with Iran and again urged other countries -- including China -- to help open the Strait of Hormuz.

Look, we can have dialogue, but I dont want to do a cease-fire, Trump told reporters on March 20. You know, you dont do a cease-fire when youre literally obliterating the other side.

Iran has effectively blocked the Strait of Hormuz, a crucial corridor for hydrocarbon shipments from Persian Gulf countries to global markets, causing oil prices to rise and hitting consumers paying more for gasoline and other products worldwide.

All theyre doing is clogging up the strait, but from a military standpoint, theyre finished, Trump said of Iran. Asked whether Israel will be ready to end the war when the US is ready, he said, I think so.

Trump said that opening the Strait of Hormuz would be a simple military maneuver and relatively safe, but you need a lot of help in the sense that you need ships, you need volume.

NATO could help us, but they so far havent had the courage to do so, and others could help us, he said, adding that it would be nice if the countries that use it...would get involved and singling out China as one of them.

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22:05

NATO Relocates Iraq Mission To Europe Amid Rising Security Risks

NATO's top commander said the Western military alliance is relocating its mission in Iraq to Europe due to the tense security situation in the Middle East in the midst of the war in Iran.

"I would like to thank the Republic of Iraq and all the Allies who assisted in the safe relocation of NATO personnel from Iraq," General Alexus Grynkewich, NATO supreme allied commander Europe, said on March 20.

The statement did not specify how many people would be transferred to the NATO operational headquarters in Naples, Italy. However, Reuters quoted sources as saying several hundred personnel were affected.

Britain Lets US Use Its Bases In Bid To Open Strait Of Hormuz, Romania Signs On

British Prime Minister Keir Starmer

Britain has given the US the green light to use its bases to strike Iranian missile sites that are launching attacks on ships in the Strait of Hormuz, a crucial corridor for oil shipments from the Persian Gulf to global markets that Iran has essentially blocked amid the US-Israeli strikes, causing prices to rise.

Ministers meeting on March 20 "confirmed that the agreement for the US to use UK bases in the collective self-defense of the region includes US defensive operations to degrade the missile sites and capabilities being used to attack ships in the Strait of Hormuz," the British government said in astatement.

Britain and other Western nations have voiced concern about being drawn into the war, and the reluctance of many to get involved in operations to free up the strait has drawn sharp criticism from US President Donald Trump. In a social media post on March 20, he suggested NATO nations refusing to join the efforts were cowards. Reuters reported the same day that Trump said the UK should have acted faster in offering help to the US.

Despite their concerns, on March 19, the UK, France, Germany, Italy, the Netherlands, and Japan voiced readiness to contribute to appropriate efforts to ensure safe passage through the strait." Romanian President Nicusor Dan announced on March 20 that his country would join that group, saying it is ready to participate in the efforts of the international community that will lead to maintaining prices at a bearable level for the population."

British Prime Minister Keir Starmer initially rejected a US request to use UK bases for strikes on Iran, saying he needed to be sure that any military action was legal. After Iran targeted British allies across the Middle East, Starmer said the US could use an air force base in England and Diego Garcia, a joint US-UK base in the Indian Ocean.

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19:31

Fears Spread Of More Executions After Iran Hangs 3 Over Protests

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RFE/RL's Radio Farda

Human rights groups have condemned Iran's hanging of three men in the first executions over January protests and warned they fear more executions to come.

Authorities in Iran are trying "to frighten the public" and keep them in line in order to remain in power, says Mahmoud Amiry-Moghaddam of the Oslo-based Iran Human Rights organization.