America has taken a big step amid increasing tension and war in the Middle East. It has temporarily lifted the sanctions on Iranian crude oil for 30 days.
In a major U-turn amid the Middle East war, America has temporarily lifted the sanctions on Iranian crude oil for 30 days.
US Treasury Secretary Scott Besant said the waiver would apply only to oil shipments already in transit, not new orders. Iran will now be able to make more money by selling oil and gas. America also made available to Iran the market which was closed to it for two decades. The blockade of Arab countries came in handy for Iran.
Tensions in the Strait of Hormuz and Iran’s targeting of ships were affecting global oil supplies, leading to a sharp rise in prices.
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