U.S. permits sale of Iranian crude oil stranded at sea; will deploy military might to ensure global energy security, says Scott Bessent

Responding to attacks on global energy infrastructure, U.S. today authorised sale of Iranian oil stranded at sea as of March 20. Amid attacks and counter attacks on refineries and gas fields, U.S. Treasury Secretary Scott Bessent said the Trump administration will deploy military might to maximise flow of energy to the world.

"In response to Iran’s terrorist attacks against global energy infrastructure, the Trump Administration will continue to deploy America’s economic, and military might to maximize the flow of energy to the world, strengthen global supply, and seek to ensure market stability," Bessent said in a post on X short while ago.

"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 added.

How much supply will be unlocked with sale of stranded Iranian oil?

The move is expected to bring supply of 140 million barrels. "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," Bessent said.

"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," he added.

"This temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production," said Bessent.

U.S to limit Iran's access to global financial system

"Further, 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," said Bessent.

"So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market, undercutting Iran’s ability to leverage its disruptions in the Strait of Hormuz," he added.

Bessent said Donald Trump’s pro-energy agenda has driven U.S. oil and gas production to record levels, strengthening energy security and lowering fuel costs. Any short-term disruption now will ultimately translate into longer-term economic gains for Americans – because there is no prosperity without security.

Terming Iran as the "head of the snake for global terrorism", Bessent said the U.S is winning this critical fight at an even faster pace than anticipated.