‘Market manipulation’: Iran denies US claims it has ‘surplus oil’ stored at sea

Saman Ghodousi, spokesperson for the Iranian Ministry of Petroleum, dismissed US claims that Iranian crude is stored at sea and ready for release and rejected remarks by US Treasury Secretary Scott Bessent that Washington would “ease restrictions to boost supply.”

“Iran currently has no crude oil left on the water and no surplus intended for other international markets,” Ghodousi said via social media on 21 March

He added, “The US Treasury Secretary’s remarks are simply aimed at reassuring buyers and influencing market sentiment.”

Tehran dismissed the remarks as a “psychological ploy” aimed at manipulating global prices.

Speaking on Fox Business, Bessent claimed that the US would “unsanction the Iranian oil that’s on the water,” estimating about 140 million barrels, or “10 days to two weeks of supply,” to help restrain prices in the short term.

The move would set a 30-day waiver reportedly allowing purchases of Iranian crude, while Iran maintains that no such waiver exists on the water.

Analysts cited in the reports note that disruptions tied to the Strait of Hormuz remain a central factor in market instability, limiting the impact of short-term measures.

US officials had hoped that the sanction-easing ploy would help relieve supply pressure as oil prices climbed above $100 per barrel.

Earlier this month, the US took a similar step with Russia, by temporarily relaxing restrictions on Russian crude already stuck at sea, permitting limited sales under a license set to expire on 11 April, which officials said was aimed at steadying prices after supply disruptions.

The move allowed the “sale, delivery, or offloading” of cargoes loaded before 12 March, potentially adding around 130 million barrels to global markets and helping offset a 10-14 million barrels-per-day shortfall.

Iran’s closure of the strait and damage inflicted on energy infrastructure during the US–Israeli war on Iran have triggered a severe global energy crisis, hitting Asia particularly hard, as it relies on Gulf oil for around 80 percent of its crude imports.

Asian states are scrambling to conserve fuel, with governments rolling out austerity measures, rationing fuel sales, and activating contingency plans to manage shortages and stabilize markets.

As shipping constraints tighten and storage fills, GCC producers are forced to curb output, deepening supply shortages and keeping prices volatile.