The United States has authorized the sale of Iranian oil and petrochemical products that have already been loaded onto tankers, aiming to mitigate the soaring oil prices caused by the ongoing conflict in the Middle East. This move follows similar actions taken earlier this week regarding Russian oil, where the U.S. Treasury granted a temporary license for countries to purchase stranded Russian oil at sea. This reflects the U.S. administration's proactive measures to stabilize the international oil market amid geopolitical tensions.

Scott Bessent, the U.S. Treasury Secretary, referred to the Iranian oil exception as a 'tailored, short-term authorization' on social media, stating that it is expected to release around 140 million barrels of oil onto the market. However, it remains uncertain if this figure is accurate, especially considering conflicting reports from Iranian officials. Saman Ghoduisi, spokespeople for Iran's oil ministry, contends that the country does not currently have surplus crude oil available for international markets, implying that the potential release might not be as significant as suggested.

Goldman Sachs has estimated that there are approximately 105 million barrels of Iranian oil already on tankers, which could influence the market dynamics depending on how swiftly this oil can be integrated into global supplies. The authorization is set to remain effective until April 19, potentially allowing for a temporary alleviation of the scarcity in oil due to escalating geopolitical issues in the region.