New Delhi, 21 March (H.S.):

Amid West Asia crisis the Trump administration issued a 30-day exemption from Iran oil purchase sanctions Saturday covering only Iranian crude already loaded on tankers at sea to boost global energy supply and ease price pressures.

US Treasury Secretary Scott Bessent announced the waiver effective March 20 to April 19 per the Treasury website aimed at stabilizing global crude markets where prices surged past 110 dollars per barrel since the Iran-Israel-US conflict erupted.

Pre-war levels hovered around 70 dollars on February 28 before hostilities spiked demand pressures.

Bessent stated this move unlocks around 140 million barrels of Iranian oil for swift global market entry enhancing worldwide energy availability and countering temporary supply strains caused by Iran.

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Hindusthan Samachar / Jun Sarkar