United States Treasury Secretary Scott Bessent said that Washington will not renew a waiver that allowed the purchase of Russian oil and petroleum products currently at sea. He also ruled out any renewal of a one-time waiver for Iranian oil shipments, stating that there would be no relief from sanctions.

Bessent said that a blockade is in place against Iran and that no oil is leaving the country. He added that Iran may soon be forced to shut down production, which he warned could cause significant damage to its oil wells.

The comments come amid heightened tensions during the ongoing conflict between Israel and Iran, which has unsettled global energy markets and contributed to the closure of the Strait of Hormuz. The United States had originally introduced the waiver for Russian oil in March to help stabilize energy prices after crude oil surged above one hundred dollars per barrel.