Iran, in response to the US-Israeli attacks, effectively blocked the flow of vessels through the critical Strait of Hormuz, through which one-fifth of global oil and gas supplies flow.<\/p>\n
The move signals that the \u201cTreasury is going full force on Economic Fury\u201d on Iran, an apparent reference to Operation Epic Fury, the US-led military campaign against the country, said one of two administration officials who spoke anonymously to Reuters about the development.<\/p>\n
\t The Trump administration has long said it is applying \u201cmaximum pressure\u201d on Iran over its nuclear program and support for terror proxies across the Middle East, though sanctioned oil has continued to reach China.<\/p>\n The waiver allowed some 140 million barrels of oil to reach global markets and helped relieve pressure on energy supply during the war on Iran, Treasury Secretary Scott Bessent said last month.<\/p>\n The move to not renew the waiver on oil follows lawmakers from both political parties criticizing the administration for temporarily relaxing sanctions on Tehran and Moscow, while the US and Israel are at war with Iran, and as Moscow continues its war with Ukraine. The US also did not renew the waiver on Russian oil at sea, which expired on Saturday, the sources said.<\/p>\n Washington has a range of penalties it can apply to institutions involved in illicit activities with Iran, such as buying its oil, including secondary sanctions, one of the sources said.<\/p>\n \u201cIn addition, with the snapback of UN sanctions on Iran, and its history of trying to hide behind seemingly legitimate activity to conduct its illicit conduct, any activity with Tehran could trigger additional sanctions,\u201d the person said.<\/p>\n While the United States and Iran have agreed to a two-week ceasefire, recent talks in Pakistan failed to achieve a breakthrough, and US President Donald Trump subsequently ordered a blockade of Iranian ports to increase pressure on Tehran.<\/p>\n Bessent told reporters earlier that the US blockade of the Strait of Hormuz would ensure that no Chinese ships or others would be allowed to pass.<\/p>\n \u201cSo they\u2019re not going to be able to get their oil. They can get oil. Not Iranian oil,\u201d Bessent said, adding that China had been buying more than 90 percent of Iranian oil and it constituted about 8% of their annual purchases.<\/p>\n
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\n\t\tUS Treasury Secretary Scott Bessent addresses journalists during a news conference at the OECD Headquarters in Paris, France, March 16, 2026. (Emma Da Silva\/AP)<\/p>\n
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