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Global markets are struggling to price the Iran conflict as a sharp Bitcoin drop collides with a fast-evolving energy supply crisis in the Strait of Hormuz. Waiver unlocks Iranian oil amid escalating conflict On March 20, the U.S. Treasury’s Office of Foreign Assets Control issued General License U, a 30-day sanctions waiver running until April 19 that allows the sale of Iranian oil stranded at sea. The measure covers all transactions needed for the sale, delivery and offloading of roughly 140 million barrels of Iranian crude, immediately boosting potential supply. Treasury Secretary Scott Bessent framed the move as a tactical step, arguing that those barrels were already being “hoarded by China on the cheap” and could now be used “against Tehran to keep the price down,” as reported by CNBC. With Brent crude up over 44% since the conflict began and trading at $113 per barrel, pressure on policymakers has intensified. However, the waiver lands in a highly constrained physical market. The Strait of Hormuz has seen only 90 ships pass through since March 1, underscoring how vulnerable the global energy system has become to further disruptions in this key chokepoint. Backlash over the Iran oil waiver and political contradictions The political backlash in Washington was immediate. The Foundation for Defense of Democracies called the decision “funding the enemy,” accusing the administration of loosening sanctions during an active conflict without adequate safeguards. Moreover, NBC News stressed that the waiver hands Iran an economic boost even as strikes target its military infrastructure. That said, the core contradiction goes beyond partisan rhetoric. The same U.S. administration that is authorizing strikes on Iranian targets is also ensuring that Iranian oil revenue continues to flow. Officials appear to have concluded that the alternative – an uncontrolled energy price spiral feeding into already sticky domestic…

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Filed under: News - @ March 23, 2026 10:26 am