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 tightens the enforcement of existing sanctions and is part of the Trump administration's broader 'Economic Fury' pressure campaign against Iran. The move aims to further restrict Tehran's ability to generate revenue from oil exports.