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The United States escalated its energy sanctions campaign on Wednesday, with Treasury Secretary Scott Bessent announcing that the U.S. will not renew the waivers that previously allowed certain purchases of Iranian and Russian oil without triggering American sanctions — a move with significant implications for global crude supply and U.

Crude markets posted their sharpest single-session decline in weeks on Tuesday as a formal U.S. naval blockade against Iran took effect, rattling global supply chains and triggering a steep selloff in WTI and Brent futures. U.S. Blockade on Iran Now in Force — Markets Whipsaw According to OilPrice.com