finance
US Treasury Secretary Announces No Renewal of Iranian and Russian Oil Waivers
US Treasury Secretary Scott Bessent stated that the United States will not renew waivers for purchasing Iranian and Russian oil products at sea. This decision comes amid the US-Israeli war in Iran and the closure of the Strait of Hormuz, impacting global energy markets. Bessent cited a blockade preventing Iranian oil exports and noted that Russian oil supplies at sea have largely been absorbed.
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For Iran, officials emphasized that renewal is entirely off the table. A blockade is in place, preventing any oil from leaving the country. This follows the closure of the Strait of Hormuz, which has disrupted global energy markets. The waiver was originally issued in March to stabilize markets after crude oil prices exceeded $100 per barrel.
The Treasury Department had renewed the Russian waiver two days after officials initially indicated no plans for extension. This reversal was in response to requests from more than 10 vulnerable and poor countries during World Bank and International Monetary Fund meetings last week.
’" — Treasury Secretary, April 24, 2026 (Washington Times).
Officials noted that the Russian oil on the water has been largely absorbed, making another extension unlikely. Global energy markets remain tense due to conflicts. The Strait of Hormuz closure has ensnarled supply chains, contributing to market volatility. Comments were part of a broader discussion on the war's impact on energy markets.
Recent statements confirm a shift back to no further extensions. For Iran, the decision aligns with ongoing military actions. Multiple sources corroborated the core announcement, though the timing discrepancy persists between Friday and Saturday reports. >"Not the Iranians. We have the blockade, and there’s no oil coming out." — Treasury Secretary, April 24, 2026 (Washington Times).
