The United States said on Thursday that it had sold Iranian oil seized on its way to Venezuela for more than $40 million, according to France 24.

Washington announced in August that it had confiscated 1.1 million barrels of petroleum from four tankers en route between the two countries, which are both under U.S. sanctions.

"We estimate that in excess of $40 million will be recouped by the United States related to the sale of petroleum from those four vessels," Michael Sherwin, the acting U.S. attorney for the District of Columbia, told reporters by telephone.

The U.S. move has been described as an act of piracy.