Breaking! US announces conditional easing of Iran oil sanctions!

Breaking News from the Global Energy Market!

On the 20th, the U.S. Department of the Treasury issued a general license, conditionally easing sanctions on Iranian oil products for 30 days. At the same time, the first emergency release of U.S. strategic reserves will enter the market. According to the Department of Energy, approximately 45 million barrels of oil are being released from the U.S. Strategic Petroleum Reserve (SPR).

On Friday, April delivery light crude oil futures on the New York Mercantile Exchange rose 2.27%, closing at $98.32 per barrel; May delivery Brent crude oil futures in London increased 3.26%, closing at $112.19 per barrel, the highest since mid-2022.

Latest updates on Iran: The Iranian Islamic Revolutionary Guard Corps announced early on the 21st that they launched the “Real Commitment-4” wave 70 operation, using missiles and drones to coordinate attacks on five U.S. military bases.

Read the detailed report!

U.S. Eases Sanctions on Iranian Oil

According to the U.S. Department of the Treasury, on March 20 local time, the U.S. approved a 30-day authorization, conditionally easing sanctions on Iranian oil products. For Iranian crude oil and petroleum products already shipped by March 20, their delivery and sale are permitted.

U.S. Treasury Secretary Janet Yellen stated that the department is issuing a “narrow scope, short-term authorization” allowing the sale of currently stranded Iranian oil at sea. By temporarily releasing existing oil supplies, the U.S. aims to quickly provide about 140 million barrels of oil to the global market. This temporary, short-term authorization strictly applies to oil already in transit.

According to CCTV News, on the evening of the 20th, Iran’s Oil Ministry spokesperson Saman Ghoddousi said via his personal social media that Iran currently has almost no remaining crude oil stranded at sea, nor excess oil available for supply to other international markets. U.S. Treasury Secretary Yellen’s statements are purely aimed at creating hope for buyers, providing psychological reassurance, and market sentiment regulation.

Foreign media reports indicate that the first batch of the 172 million barrels of emergency oil reserves planned for release by the Trump administration is about to enter the market. This is the latest move by the Trump administration to curb fuel prices.

According to the Department of Energy, about 45 million barrels are being released from the U.S. Strategic Petroleum Reserve (SPR). This means that refiners and traders have subscribed to roughly half of the initial 86 million barrels offered by the government.

Amid soaring oil prices, with Brent crude surpassing $100 per barrel, the interest in subscription for this release surprised market participants. The Iran conflict has nearly halted oil transportation through the Strait of Hormuz, which accounts for about 20% of global oil shipments.

However, U.S. benchmark WTI crude prices have remained significantly below Brent, partly because the large-scale release from emergency reserves has boosted supply prospects for Gulf Coast refiners.

Despite this, U.S. retail gasoline prices have risen to their highest in nearly four years, intensifying concerns about accelerating inflation.

This release of U.S. oil stocks is part of an International Energy Agency (IEA) coordinated relief plan aimed at reducing energy costs. At least 30 countries and regions are releasing up to 400 million barrels of oil.

As of the 19th, since the U.S. and Israel launched military strikes against Iran on February 28, international oil prices have surged about 50%. Recent attacks on oil facilities by conflicting parties have further driven up prices. Currently, Saudi light crude sold to Asian buyers via Red Sea ports is about $125 per barrel. Some Saudi officials say that as inventories run out, oil prices next week could approach $138 to $140 per barrel. Several officials expect that if the conflict continues until the end of April, with supply unable to recover and the Strait of Hormuz remaining blocked, international oil prices could keep rising, potentially exceeding $180 per barrel.

Iran Attacks 5 U.S. Military Bases

According to CCTV News, early on the 21st, Iran’s Islamic Revolutionary Guard Corps issued a statement claiming they launched the “Real Commitment-4” wave 70 operation.

The statement said the operation used “Giyam” and “Emad” missiles and attack drones to coordinate strikes on five U.S. military bases. Targets included Saudi Arabia’s Prince Sultan Air Base, the UAE’s Zafra Air Base, Kuwait’s Ali Al Salem Air Base, Iraq’s Erbil Air Base, and Bahrain’s U.S. Fifth Fleet base.

The Revolutionary Guard also stated that they used “Habar Shakan” and “Qader” missiles to target key locations including Haifa and Tel Aviv in Israel.

The statement reaffirmed Iran’s intention to continue offensive strategies and intensify efforts against any sources of aggression infringing on Iran’s territory and sovereignty. It also emphasized that Iran is fully prepared for current confrontations.

Early on the 21st, Iraqi security sources reported that the U.S. embassy logistics support camp near Baghdad International Airport was attacked, with fires ignited inside. Earlier, on the evening of the 20th, Iraqi security sources said the camp had been attacked six times since early that day.

The Iraqi militia group “Islamic Resistance Organization” issued a statement early on the 21st, claiming that in the past 24 hours, they launched 27 attacks using drones and rockets against U.S. faciliti