US waives Iran oil sanctions to ease price surge
The White House has temporarily lifted some sanctions on Iranian oil purchases in an effort to stabilise global energy prices amid ongoing conflict.
The administration of Donald Trump approved a 30-day waiver allowing the purchase of Iranian oil at sea, according to officials. The move is expected to release around 140 million barrels into global markets, News.Az reports, citing Reuters.
US Treasury Secretary Scott Bessent said the measure is designed to ease pressure on energy supply and help bring down rising fuel costs.
Oil prices have surged in recent weeks following military escalation involving the United States, Israel and Iran, raising concerns about the impact on businesses and consumers.
The decision highlights growing concern within the administration about the economic effects of high energy prices ahead of the November midterm elections, when Republicans aim to retain control of Congress.
Analysts say the temporary easing of sanctions could provide short-term relief to global markets, though uncertainty remains over longer-term supply risks linked to the conflict.
The waiver also signals a pragmatic shift in policy, as Washington seeks to balance pressure on Iran with the need to contain inflationary pressures at home.
By Faig Mahmudov
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