US extends Iran oil sanctions waiver

U.S. Treasury Secretary Scott Bessent announced a 30-day extension of a sanctions waiver for Iranian oil that has been stranded at sea on tankers. He stated the decision followed requests from about ten countries vulnerable to oil shortages due to the closure of the Strait of Hormuz. Bessent claimed the waiver allowed the release of more than 250 million barrels of oil and prevented even higher global prices. Concurrently, Iranian MP Khazarian claimed the Islamic Republic is still able to export its oil despite the ongoing U.S. naval blockade.