US Issues 30‑Day Sanctions Waiver for Iranian Oil The Trump administration announced on 20 March 2026 a sanctions waiver of 30 days for the purchase of Iranian oil at sea. The move aims to alleviate the supply crunch that has emerged since the start of the U.S.-Israeli war on Iran . Key Developments Third temporary waiver in roughly two weeks – earlier waivers covered Russian oil and now Iranian oil. The Treasury posted a general license allowing sale of Iranian crude and petroleum products loaded on vessels between 20 March and 19 April 2026. According to U.S. Treasury Secretary Scott Bessent , the waiver will release about 140 million barrels of oil into the global oil market , easing short‑term price pressures. Bessent linked the policy to “ Operation Epic Fury ,” indicating a strategic use of oil supplies to keep prices low while the operation proceeds. Important Facts The waiver is limited to oil loaded on vessels from 20 March to 19 April 2026 . It does not lift the underlying sanctions on Iran; rather, it provides a narrow window for transactions that help stabilize supply. The expected influx of 140 million barrels represents roughly 0.5 % of the world’s daily oil consumption, a modest but noticeable relief. UPSC Relevance Understanding the use of sanctions and general licenses is essential for GS‑III (Economy) and GS‑II (Polity) questions on foreign policy, energy security, and international law. The episode also highlights the strategic linkage between energy markets and military operations, a recurring theme in contemporary geopolitics. Way Forward Analysts expect the United States to monitor market response closely. If oil prices stabilize, the administration may let the waiver lapse; if pressures persist, further extensions or broader waivers could follow. For India, the episode underscores the need to diversify energy imports and to develop strategic petroleum reserves, aligning with the country’s energy‑security objectives outlined in the National Energy Policy.