Global markets are struggling to price the Iran conflict as a sharp Bitcoin drop collides with a fast-evolving energy supply crisis in the Strait of Hormuz. On March 20, the U.S. Treasury's Office of Foreign Assets Control issued General License U , a 30-day sanctions waiver running until April 19 that allows the sale of Iranian oil stranded at sea. The measure covers all transactions needed for the sale, delivery and offloading of roughly 140 million barrels of Iranian crude, immediately boosting potential supply.