Tehran, March 21 -- Iran's Oil Ministry has contradicted the US move to ease sanctions on Iran crude oil which is loaded on vessels as of March 20.

In a statement issued by Iran's consulate in Mumbai it was said, "At present, Iran essentially has no floating crude or surplus available for international markets. The U.S. Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."

The denial from the Iranians could further spook an already volatile market that has seen Crude Oil prices spike as the West Asia conflict is poised to enter its fourth week.

Earlier, the United States on Friday (local time) announced temporarily easing of sanctions on Iranian-origin crude oil and petroleum products up until A...