The United States will not be renewing ​the waivers that allowed purchase of some Iranian and ‌Russian oil without facing U.S. sanctions, Treasury Secretary Scott Bessent told reporters on Wednesday.

Treasury Secretary Scott Bessent says the US will squeeze Iran’s economy by reinstalling sanctions, targeting banks and customers flouting the ban.

The post shared, “JUST IN: 🇺🇸🇨🇳 US Treasury Secretary Bessent says China will no longer be able to get oil from Iran.” It was accompanied by a collage image of Scott Bessent and Chinese President Xi Jinping. Notably, the claim emerged following reports of a US blockade of the Strait of Hormuz amid the ongoing Middle East conflict involving Iran.

US Treasury Secretary Scott Bessent said the addition of sanctioned Iranian oil into global supplies would help keep oil prices down for the next 10 to 14 days. Oil prices have been above $100 per barrel for much of the past two weeks as Iran has closed the Strait of Hormuz to shipping and has attacked tankers.

After Viktor Orbán's defeat at the polls and Washington's decision to phase out waivers for Russian oil, hopes are rising in Brussels that a package of sanctions against Moscow will finally be unlocked.