Trump administration temporarily lifts sanctions on Iranian oil at sea

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.

This is a breaking story; it will be updated.

In:

• Pentagon
• Iran
• Oil and Gas