US waives Iranian oil sanctions for 30 days as global prices hit $100

The Trump administration in the United States has waived sanctions on Iranian oil purchases at sea for 30 days to stem surging global oil prices triggered by the ongoing US-Israeli conflict with Iran.

US Treasury Secretary Scott Bessent said the temporary move will release about 140 million barrels of stranded Iranian crude into world markets and ease supply pressures. Oil prices have jumped nearly 50 percent to more than $100 per barrel, the highest since 2022.

The White House fears the spike will hurt American businesses and consumers ahead of November’s midterm elections, where Republicans hope to keep control of Congress. Bessent described the waiver as a way to use Iranian barrels against Tehran itself.

This marks the third time in roughly two weeks that Washington has granted such relief. It earlier eased rules on Russian oil and on Friday issued a general licence allowing sales of Iranian crude loaded on vessels from that day until 19 April.

Bessent posted on X: “By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran.”

Some analysts worry the step could still give Iran extra funds for its war effort despite the short duration.

For Nigeria, the development presents a double-edged sword. As Africa’s top crude exporter, the country gains from higher global prices through bigger foreign earnings and stronger naira inflows.

Yet most refined fuel, including PMS and diesel, is still imported. Lower world prices from the extra supply could bring relief at the pump and cut costs for generators and transport.

Local experts say the Iran conflict had already pushed fears of higher domestic fuel prices before this waiver. Nigerian officials are now monitoring how the 140 million barrels will affect the 2026 budget benchmark and Dangote refinery operations.