Julius Simon

The Trump administration had stepped up sanctions on Iranian oil when it returned to office last year.

But that was then.

As the U.S.-Israeli war on Iran enters its third week, the Strait of Hormuz is still closed.

And oil prices have risen around 45 percent since the war began.

This new lifting of sanctions applies to Iranian oil and oil products that are currently loaded on ships.

It will last until April 19th.

U.S.

Treasury Secretary Scott Besant says the decision is expected to quickly add about 140 million barrels to the global oil market.

which uses about 100 million barrels of oil each day.

Julia Simon, NPR News.

For much of the world, normal is gone.