The denial from Iran could further spook an already volatile market that has seen crude oil prices spike as the West Asia conflict is poised to enter its fourth week.
Key Points
- Iran says it has no floating crude or surplus despite US easing sanctions.
- US allows sale of Iranian oil already loaded on ships until April 19.
- Move aims to release ~140 million barrels to stabilise global markets.
- Iran's denial may further increase volatility in already rising oil prices.
- Strait of Hormuz disruption continues to pressure global energy supplies.
Iran's Oil Ministry has contradicted the United States move to ease sanctions on Iranian crude oil loaded on vessels as of March 20.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary’s remarks appear aimed at reassuring buyers and managing market sentiment."
The denial from Iran could further spook an already volatile market that has seen crude oil prices spike as the West Asia conflict is poised to enter its fourth week.
Earlier, the United States on Friday announced a temporary easing of sanctions on Iranian-origin crude oil and petroleum products until April 19 this year, including permitting the sale of Iranian crude and refined products into the United States.
US allowed sale of Iranian crude already loaded on vessels
Details of the decision were provided in a statement by the US Department of the Treasury's Office of Foreign Assets Control, which authorised the delivery and sale of Iranian-origin crude oil and petroleum products loaded on vessels as of March 20.
The statement noted April 19, 2026, as the date until which the exceptions would remain in place.
It said that, with certain exceptions, 'all transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Iranian origin loaded on any vessel, including vessels blocked under the above-listed authorities, on or before 12.01 am eastern daylight time, March 20, 2026, are authorized through 12.01 am eastern daylight time, April 19, 2026.'
The statement added that the transactions authorised by the licence also include the import of Iranian-origin crude oil and petroleum products into the United States.
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