US Treasury Secretary Scott Bessent confirmed Friday that America will not renew waivers allowing purchases of Russian and Iranian oil at sea. The decision marks a significant shift in energy policy as the administration tightens sanctions on both nations. Bessent stated the Iranian waiver is "totally off the table" while Russian oil currently at sea will not be repurchased once existing licenses expire. The move comes after the US extended sanctions relief in May to stabilize global energy markets following crude prices surging above one hundred dollars per barrel due to Strait of Hormuz tensions. Analysts expect the policy reversal could pressure global oil supplies and potentially drive energy prices higher in coming months.
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