The US will not renew general licenses that previously allowed limited purchases
of Russian and Iranian crude, according to Treasury Secretary Scott Bessent. He
said the waivers, used for temporary sanctioned oil shipments, will be allowed
to expire as part of broader pressure on Tehran and Moscow. The decision comes
as disruptions in the Strait of Hormuz continue to restrict global crude flows
and push oil prices higher. Officials indicated the move could tighten global
supply further, even as some countries had sought extensions to ease market
impacts.
