US will not renew Iran, Russia oil waivers

U.S. Treasury Secretary Scott Bessent has announced the United States does not plan to renew a waiver that allows the purchase of Iranian and Russian oil that is currently in transit at sea. This decision, communicated in an interview with the Associated Press, also explicitly rules out extending any exemptions for Iranian crude. The move signals a tightening of the Trump administration's economic pressure campaign against both nations. The policy is part of a broader strategy, including recent sanctions on Chinese entities, to curb revenue flows to Moscow and Tehran.