Commodities
US Revokes Waiver for Iranian Oil Sales Amid Renewed Gulf Tensions
The US Treasury Department has announced that it will no longer allow Iranian oil sales to be conducted in US dollars on global markets. This decision comes amid renewed tensions in the Gulf region, where several tankers were hit by projectiles while attempting to cross the Strait of Hormuz.
As a result, more than 60 million barrels of Iranian crude are stranded at sea without any clear buyers. The waiver for Iranian oil sales was initially revoked in May 2020 but was reinstated for six months in February 2021. However, it has now been revoked again amid the renewed Gulf strikes.