The United States approves temporary delivery and sale of oil originating from Iran.

According to the US Department of Treasury, the United States on March 20th local time approved a 30-day authorization allowing the delivery and sale of ships loaded with crude oil and petroleum products originating from Iran. The new permit allows for the sale of Iranian crude oil and petroleum products that have already been loaded onto ships as of March 20th. US Treasury Secretary Mnuchin stated that the Department of Treasury is issuing a "narrowly scoped, time-limited authorization" allowing for the sale of Iranian oil currently stranded at sea. By temporarily releasing existing oil supplies, the United States will quickly provide approximately 140 million barrels of oil to the global market. The temporary, short-term authorization is strictly limited to oil that is already in transit.