In doing so, another formerly sanctioned US nemesis would be allowed free access to global markets, after Russia received a similar "temporary" permit a week earlier. 

"In the coming days we may unsanction Iranian oil that's on the water, about 140 million barrels," he said on Fox Business, adding that "In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days, as we continue this campaign."

Just one day later, the idea moved from concept to reality when late on Friday, the US Treasury announced it had eased oil sanctions on Iran, including permitting the sale of Iranian crude and refined products into the United States, when it issued a general license for energy that's already on vessels as of Friday, with such purchases authorized through April 19. The measure follows similar moves for Russian oil on the water in a bid to ease an unprecedented fuel supply crunch caused by the war.

US 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 that the measure will release about 140 million barrels. He also said that Iran "will have difficulty accessing any revenue generated."

For now, the vast majority of Iran's oil is bought by Chinese customers, mainly independent refiners known as teapots. While the US waiver would widen the pool of potential buyers, any new customers would still face the challenge of structuring deals while other restrictions on Iran, including its access to international financial markets, remain in place.

Iran disputed the figure, with oil ministry spokesman Saman Ghodousi saying on X that the nation has no floating crude, nor a surplus that's available for international markets. Ghodousi said the US was simply trying to provide psychological support to the oil market.

In the US, Congressional Democrats slammed the measure, arguing Trump's move is an economic gift to Iran in the middle of a war that the president started.

"Clown show doesn't begin to describe it," Virginia Democrat Don Beyer said in a post on X.

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.

Brent crude 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.