US Allows Sale of Stranded Iran Oil to Cap Fuel-Price Rises (2)

The US has allowed the sale of Iranian oil and petrochemical products that have been loaded onto tankers, its latest effort to counter rising oil prices due to the Middle East war.

The Department of Treasury issued a general license for energy that’s already on vessels as of Friday, with such purchases authorized through April 19. The measure follows similar moves for Russian oil on the water in a bid to ease an unprecedented fuel supply crunch caused by the war.

For now, the vast majority of Iran’s oil is bought by Chinese customers — mainly independent refiners known as ...