Amid Hormuz crisis, US to pull plug on Iran, Russia oil sanctions waiver? Trump aide ends suspense

The United States has signaled a firm stance on sanctions and energy policy amid rising geopolitical tensions involving Iran, China, and Russia. Responding to questions on possible sanctions relief, Scott Bessent made it clear that there will be no renewal of general licenses for Iranian or Russian oil exports, tightening pressure on both nations. Officials revealed that China had been purchasing over 90% of Iran’s oil exports, accounting for a significant portion of its energy needs. However, due to tensions in the Strait of Hormuz, a pause in Chinese buying is expected. The U.S. Treasury has also warned Chinese banks of potential secondary sanctions if Iranian funds are found flowing through their systems.