What did Treasury Secretary Scott Bessent announce regarding US sanctions waivers on Russian and Iranian oil?

Treasury Secretary Scott Bessent announced that the US will not renew the general licenses permitting the temporary sale of certain Russian and Iranian crude oil, stating explicitly: 'We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil.'

Why is the disruption of crude flows through the Strait of Hormuz significant for global oil markets and US allies?

The disruption has caused oil prices to spike — with global crude prices up more than 30% since the war began — and is imposing an increasingly heavy toll on US allies in Asia that are heavily reliant on imports from the region; the Strait of Hormuz normally provides passage for a fifth of the world’s oil, making its near paralysis a critical chokepoint issue.

US Won’t Renew Iranian, Russian Oil Waivers, Bessent Says

Apr 15, 2026

Treasury Secretary Scott Bessent confirmed the US will not renew general licenses for Russian and Iranian crude sales, contributing to global oil prices trading around $95 per barrel amid supply disruption concerns in the Strait of Hormuz.

bloomberg

Bessent Says U.S. Won't Renew Waivers for Iranian and Russian Oil

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US Won’t Renew Iranian, Russian Oil Waivers, Bessent Says

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