The major AhR-active PAHs were identified in crude oil and oil-contaminated sediments by use of effect-directed analysis. As part of the study, an enhanced potency balance analysis was conducted by establishing the novel relative potency values of (alkyl)-PAHs from the H4IIE-luc bioassay. Silica gel column fractionation of crude oil resulted in greater AhR-mediated potencies in fractions of aromatics (F2) and resins (F3), and such trend was also observed for field collected sediment samples. AhR-mediated potencies of six F2 sub-fractions from HPLC indicated that the majority of F2 responses were attributable to 3–4 ring aromatics. Target PAHs including C4-phenanthrene, C1-chrysene, and C3-chrysene in sediments explained ∼18% of the bioassay-derived TCDD-EQs, however, the unknown AhR agonists and potential mixture effects remain in question. Overall, the AhR-potency and antagonistic potential of residual oil in sediment tended to decrease over time, thus monitoring of weathering process would be key for the post management of oil-contaminated sites.