Treasury Secretary Announces End to Sanctions Waivers for Russian and Iranian Oil

The US Treasury Department announced it would not renew waivers for purchasing Russian and Iranian oil at sea, Secretary Scott Bessent revealed on Friday. This decision stems from the global energy market's instability triggered by the US-Israeli war in Iran and the closure of the Strait of Hormuz.

Bessent told The Associated Press there would be no renewal for Iranian oil waivers, emphasizing that the current sanctions block any oil from leaving the country. He projected that production shutdowns would significantly harm Iran's oil wells in the coming days.

The original waiver, granted in March, aimed to stabilize surging crude prices, but the need to support poorer nations now takes precedence. Despite pleas from vulnerable countries, Bessent said another extension wouldn't happen as most Russian oil has already been utilized.

(With inputs from agencies.)