- By Aditya Jha
- Sat, 21 Mar 2026 07:07 PM (IST)
- Source:JND
Iran War 2026: Amid the oil crisis across the world due to the war with Iran, the US government has waived sanctions on the purchase of Iranian oil at sea for 30 days. In a post on X (formerly Twitter), US Treasury Secretary Scott Bessent stated that the decision will bring 140 million barrels of oil to global markets and will ease the crisis temporarily. The movement of ships through the Strait of Hormuz has not been smooth since the war began, leading to a crisis, especially in the Asian countries.
US Running Out Of Options?
The critics pointed out that while the US is involved in a war with Tehran, the decision will directly benefit Iran, providing a boost to its economy amid the crisis. The experts also pointed out that no such measure would resolve the crisis completely unless the Hormuz were cleared. "The easing of sanctions raises concerns about the rapid depletion of Washington's economic toolkit," energy analyst Brett Erickson was quoted as saying by Reuters.
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He further pointed out that the Trump administration is "running out of options" amid the escalated tension in the Middle East. "If we've reached the point of loosening sanctions on the country we are at war with, we're really running out of options," he added.
Surge In Crude Price
The price of crude has surged through the roof in the last three weeks, mainly due to the partial closure of Hormuz and attacks on the production refineries from both ends. While the price of Brent crude, the international benchmark, was USD 70 per barrel before the escalation, it now stands at USD 106. The waiver on sanctions on the purchase of Iranian oil is set to expire on April 19.
The war has already completed its third week, and there have been no signs of immediate peace due to the recent escalations.