The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the U.S.-Israeli war on Iran, U.S. Treasury Secretary Scott Bessent said.

The US has allowed the sale of Iranian oil and petrochemical products that have been loaded onto tankers, its latest effort to counter rising oil prices due to the Middle East war.

The plan to remove sanctions on Iran comes a week after the Trump administration temporarily eased sanctions on Russian oil. The United States is also working to ramp up the flow of oil being exported by Venezuela, which it now considers an ally since it arrested President Nicolás Maduro in January and removed him from office.

Oil price spikes aren't the only impact of the ongoing Middle East conflict on the global economy. Here are three other major supply shocks.

The Treasury Department said it would temporarily allow the sale of sanctioned Iranian oil already at sea, a step officials say could bring roughly 140 million barrels to market and ease pressure f​rom rising prices​.

In March 2026, home heating oil prices in New York surged by an average of 39% year-over-year, driven by global fuel spikes.

The Iran war reached the three-week mark as about 2,200 more U.S. Marines and three more warships are headed toward the region, two U.S. officials said.

Research shows that for an oil shock to produce a meaningful 15+ percent drawdown in equity markets, at least one of the following conditions must be met: The spike is large and sustained: An oil price increase of 50–100+ percent that persists over several months,