US‑Iran oil waiver ends

The United States plans to let its temporary waiver for Iranian oil sales expire on Sunday, April 19, closing a 30-day window for cargoes already at sea. (ofac.treasury.gov) The waiver was issued on March 20 as Iran-related General License U by the Treasury Department’s Office of Foreign Assets Control. It authorized the delivery and sale of Iranian-origin crude and petroleum products that had already been loaded on vessels as of March 20. (ofac.treasury.gov) Reuters and Bloomberg reported this week that the Trump administration does not plan to renew the license when it expires. Treasury Secretary Scott Bessent said on April 15 that the United States also would not renew a similar waiver for Russian oil. (usnews.com, bloomberg.com) The March waiver was a price-relief measure, not a broad reopening of Iranian oil trade. Bessent said at the time it could bring about 140 million barrels to market from oil already floating at sea. (cnbc.com) The policy turn comes after the United States began a blockade on Iranian ports and vessels on April 13, while keeping transit open for ships going to and from non-Iranian ports through the Strait of Hormuz. Reuters and CBS reported the blockade as Washington tightened pressure after failed talks over ending the war. (cbsnews.com, usnews.com) Washington is also threatening “secondary sanctions,” which are penalties aimed at foreign banks, companies, or countries that do business with sanctioned Iranian oil. Bessent said on April 15 that countries buying Iranian oil or holding Iranian money in their banks could face those measures. (pbs.org, reuters.com) That raises the stakes for countries that had used the waiver to keep some cargoes moving without immediately triggering United States penalties. Reuters reported that lawmakers in both parties had criticized the earlier temporary easing for Tehran and Moscow. (usnews.com) Iran has rejected the wider U.S. maritime pressure campaign as illegal. Iranian military authorities said the U.S. restrictions in international waters amount to “piracy,” according to state television remarks reported by Al Jazeera. (aljazeera.com) The immediate effect of the waiver’s end is narrow: it shuts the legal channel for selling Iranian oil that was already loaded by March 20. The broader signal is that Washington is moving away from short-term supply relief and back toward stricter sanctions enforcement as April 19 arrives. (ofac.treasury.gov, bloomberg.com)