(Bloomberg) -- The US Department of Treasury issued a general license allowing the sale of Iranian oil and petrochemical products loaded onto vessels on or before 12:01 am New York time Friday, marking the Trump administration’s latest effort to counter rising oil prices due to the Iran war.

The license authorizes sale of such products through 12:01 am New York time on April 19. This temporary measure follows similar moves for Russian oil stuck on tankers due to sanctions in a bid to boost supply.

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The short-term measures are part of the Trump administration’s efforts to keep energy inflation in check. The war that Donald Trump launched against Iran roughly three weeks ago in concert with Israel led to a virtual halt in shipments through the Strait of Hormuz, where 20% of global oil transits. Brent crude prices have surged more than 50% this month as a result.

The resulting spike in fuel prices for American consumers is heaping immense pressure on the US president and the Republican Party leading up to the November midterm elections. Prolonged inflationary pressures would undercut the GOP’s ability to retain control of the Senate and the House, and the loss of either chamber threatens to derail Trump’s ability to carry out his agenda.

Treasury Secretary Scott Bessent called the Iranian oil waiver a “narrowly tailored, short-term authorization permitting the sale of Iranian oil currently stranded at sea,” in a post on X, adding it will release about 140 million barrels. He also said that Iran “will have difficulty accessing any revenue generated.”

In addition to sanctions waivers, the Trump administration released more than 45 million barrels of oil from its strategic reserves and temporarily waived a century-old shipping mandate in order to lower transport costs.

The global oil benchmark settled Friday above $112 a barrel — the highest level since mid-2022 — before easing in post-settlement trading after Trump said he was considering “winding down” US military efforts against Iran.

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