The global energy market is experiencing difficult times due to the sharp military clashes in the Middle East and the blockade in the Strait of Hormuz. Against the backdrop of a record rise in oil prices, the White House took an unexpected and controversial step. Zamin.uz analyzes the US's new strategic move towards Iranian oil and its market response.
On Friday, March 20, the US Treasury Department eased restrictions on the sale of Iranian oil and fuel products for 30 days. This decision applies only to goods that have already departed and are in transit, and the conclusion of new contracts is still prohibited.
Scott Bessent: "We'll turn Tehran's arms against itself"
US Treasury Secretary Scott Bessent attributed this decision to curbing the global market shortage. According to the plan, the inflow of an additional 140 million barrels of oil into the market should reduce prices that have risen due to the closure of the Strait of Hormuz.
- Strategic objective: The US aims to lower prices by bringing Iranian oil to the market and thereby reduce Tehran's main income (in the case of China, which receives cheap oil).
- Financial blockade: Bessent emphasized that Iran cannot use the proceeds from this sale because access to the international banking system is blocked.
Expert concern: "This is utter nonsense"
This action by Washington was sharply criticized by experts and politicians. According to David Tannenbaum, director of Blackstone Compliance Services, this decision could create additional opportunities for the Iranian regime to finance military operations.
Analysts also doubt whether 140 million barrels of oil can fundamentally change global prices (currently $120 per barrel). According to Rachel Ziyemba, a representative of the New American Security Center, this measure will not significantly ease the situation, but will raise many political questions.
Tehran's response: "There's no extra oil"
The Iranian side called the US decision "empty hope given to buyers." Iran's oil ministry spokesman, Saman Goddu, stated that there is currently no surplus raw material left in the country for immediate release to the market.
Global energy crisis and sanctions chain
As a reminder, a similar temporary relief was granted for Russian oil last week. European leaders assessed this as support for Putin's regime and expressed strong dissatisfaction.
Currently, the situation in the Middle East is extremely critical:
- Strait of Hormuz: this corridor, through which 20 percent of world oil exports pass, is practically paralyzed.
- Guards of the Islamic Revolution: They threaten not to open sea routes until US and Israeli attacks cease.
Dear readers, do you think this US "game" with Iranian oil will help lower gasoline and fuel prices? Or is this just a temporary political ploy?
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