U.S. Treasury Bessent Rejects Iranian, Russian Oil
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- U.S. Treasury says on April 24, 2026 it will not renew the waiver for Russian oil at sea.
- Iran faces a forced shutdown of oil production within two to three days, Bessent warned, as the blockade blocks its exports.
- Strait of Hormuz remains blocked, tightening global oil supply and keeping Indian shipments delayed.
Why it matters: European refiners lose access to cheap Russian and Iranian crude, raising import costs by up to 5% and pushing global oil prices higher, while Iran faces rapid production shutdowns that will cut its export revenues sharply.
