The U.S. Treasury has authorized the purchase of Iranian oil that’s already at sea, exempting buyers from the tight sanctions that have restricted the country’s oil industry for years — a move aimed at stemming soaring prices amid the U.S.’s war with Iran.
The sanctions license allows oil from Iran to be purchased if it was loaded onto a ship by 12:01 a.m. ET on Friday. The authorization lasts until April 19.
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