US Abandons Waiver on Iranian Oil Exports Amid 'Maximum Pressure'

The US Treasury Department has announced that it will not renew a waiver on Iranian oil exports at sea, allowing a 30-day exemption to expire on April 19. This move follows criticism from lawmakers of both parties for temporarily relaxing sanctions on Tehran and Moscow during times of war.

The Trump administration's decision is part of its broader 'maximum pressure' campaign against Iran over its nuclear program and support for militants across the Middle East.

Treasury Secretary Scott Bessent told reporters that the US blockade of the Strait of Hormuz would prevent Chinese ships from obtaining Iranian oil, which currently accounts for about 8% of China's annual purchases.