US Ends Iran, Russia Oil Waivers
Analysis based on 12 articles · First reported Apr 24, 2026 · Last updated Apr 25, 2026
The non-renewal of oil waivers by the United States for Iran and Russia is expected to significantly tighten global oil supplies, leading to increased crude oil prices and heightened volatility in energy markets. This decision, coupled with the ongoing US-Israeli war in Iran and the closure of the Strait of Hormuz, will likely put upward pressure on inflation and negatively impact economies reliant on stable energy prices.
Treasury Secretary Scott Bessent announced that the United States will not renew waivers allowing the purchase of Russian oil and petroleum products at sea, and explicitly ruled out any renewal for Iranian oil. This decision comes amidst the US-Israeli war in Iran and the closure of the Strait of Hormuz, which have already disrupted global energy markets. Bessent indicated that Iran's oil production would likely be forced to shutter within days due to the blockade. The United States had previously issued and renewed a waiver for Russian oil in March to stabilize global energy markets when crude oil prices surged above $100 per barrel, but this relief will not be extended further.
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