The Trump administration will temporarily lift sanctions on Iranian oil already loaded on ships, issuing a one-month license set to expire on April 19. The move is aimed at easing soaring global oil prices by allowing an estimated 140 million barrels of oil stranded at sea to reach international markets, while maintaining a ban on new purchases or production.

Treasury Secretary Scott Bessent said the measure would expand global energy supplies and reduce pressure caused by disruptions linked to the war with Iran. The decision comes as fuel prices have surged more than 40 percent since the conflict began, with average gasoline prices in the United States rising sharply over the past month.

Global energy markets have been strained by fighting around the Strait of Hormuz, a critical shipping route for about one-fifth of the world's oil. Although Iran has continued limited exports, military strikes and threats to shipping have heightened fears of prolonged supply disruptions. The United States has also temporarily eased certain restrictions on Russian oil shipments to stabilize markets.

At the same time, President Donald Trump is weighing whether to wind down military strikes on Iran even as operations continue targeting Iranian naval and missile assets. International leaders have called for de-escalation and the protection of energy infrastructure, warning that continued instability could deepen the global energy crisis.