Treasury Secretary Scott Bessent announced on Friday that the United States will not renew a waiver permitting the purchase of Russian oil and petroleum products currently at sea. Additionally, he confirmed that there are no plans to reinstate a one-time waiver for Iranian oil on board vessels.
“Not the Iranians,” Bessent stated in an interview with The Associated Press. “We have the blockade, and there’s no oil coming out.” He expressed concern that, in the next few days, Iran would have to start shutting down production, which he indicated would negatively affect their oil wells.
Bessent’s remarks come amid escalating tensions connected to the US-Israeli conflict in Iran and disruptions in global energy markets due to the closure of the Strait of Hormuz. The waiver for Russian oil sales and petroleum products was initially issued by the US in March to help stabilize global energy prices, which had surged above USD 100 per barrel.
Though the Treasury Department renewed the waiver shortly after Bessent’s earlier comments about not extending sanctions relief, the Secretary clarified his position in an interview regarding the ongoing impact of the US-Israeli conflict on global energy markets.
During discussions at the World Bank and International Monetary Fund meetings last week, Bessent mentioned that representatives from more than ten of the world’s poorest and most vulnerable countries approached him for assistance. “It was for those vulnerable and poor countries. But I wouldn’t imagine that we’d have another extension. I think the Russian oil on the water has been largely absorbed,” he added.
This article was published on April 25, 2026.
