The US President Donald Trump-led administration has waived sanctions on the purchase of Iranian oil at sea for 30 days in an attempt to ease oil prices. The move is aimed at bringing 140 million barrels of oil to global markets and relieving pressure on energy supply.
However, Iran has denied the availability of floating crude oil or surplus for international markets, contradicting the US Treasury Secretary's remarks.
The US administration has temporarily waived sanctions on oil from US adversaries for the third time in two weeks, in a bid to maximize the flow of energy to the world and strengthen global supply.
The US is using 'Operation Epic Fury' to target Iran's energy infrastructure, and the temporary authorization will allow the sale of Iranian oil currently stranded at sea.
The move is aimed at undercutting Iran's ability to leverage its disruptions in the Strait of Hormuz and bringing around 440 million additional barrels of oil to the global market.
