Dhaka, March 21 -- The United States has partially relaxed sanctions on Iranian oil in a bid to stabilise global energy markets rattled by its ongoing war with Iran, officials said.

Treasury Secretary Scott Bessent announced a limited, short-term authorisation allowing the sale of Iranian crude and petroleum products currently stranded at sea. The waiver will remain effective until April 19, according to the Treasury Department.

The move marks a significant shift from Washington's longstanding sanctions policy, as global oil and gas prices continue to climb due to disruptions in shipping and production linked to the conflict.

Bessent said the measure could release around 140 million barrels of oil into the global market in the near ter...