In a bid to alleviate soaring international oil prices exacerbated by the ongoing Iran war, the United States announced a temporary one-month allowance for the sale of Iranian crude oil. On December 20, U.S. Treasury Secretary Scott Bensent stated on social media platform X (formerly Twitter) that the limited and short-term authorization would apply specifically to Iranian oil that was already loaded onto ships before December 20 at 12:01 AM New York time, allowing sales until the following month. This measure is seen as a strategic move to increase global energy supplies by approximately 140 million barrels, emphasizing the need to ease the supply pressure resulting from the Iranian conflict.

However, Secretary Bensent clarified that the current actions are strictly limited to oil already in transit and do not permit new purchases or production. He additionally noted that Iran would have difficulties accessing any revenue generated from these sales, as the U.S. intends to maintain its maximum pressure policy to prevent Iran from engaging with the international financial system. The U.S. decision appears to be an emergency response to the situation, as international oil prices have surged amidst the ongoing conflict, with Brent crude surpassing $112 per barrel and the average gasoline price in the U.S. reaching a record high since October 2022.

Iran, for its part, responded with skepticism to the U.S. Treasury's announcement, asserting, through a spokesperson from its oil ministry, that there is currently no Iranian crude oil left at sea, indicating a lack of available surplus to sell on other international markets. This highlights the complexities surrounding the supply chain and market conditions, further complicating efforts to stabilize oil prices during ongoing geopolitical tensions.