-- The Trump administration is set to let a 30-day sanctions waiver for Iranian oil expire this weekend, a move that threatens to further squeeze global energy markets as the US blockades the Strait of Hormuz, Reuters reported on Tuesday, citing two White House officials.
The waiver, issued by the Treasury Department on Mar. 20, allowed about 140 million barrels of Iranian crude already at sea to reach buyers, primarily in Asia.
The waiver, which is set to expire on Apr. 19, comes amid the US naval blockade of Iranian ports and the Hormuz following the collapse of peace talks in Pakistan last weekend.
The US has a broad range of penalties it can impose on entities engaged in illicit dealings with Iran, including the purchase of its oil, through secondary sanctions.
The White House and the US Treasury Department did not immediately respond to' request for comment.
The Trump administration also opted not to renew a waiver for Russian oil at sea, which expired Saturday.
US Treasury Secretary Scott Bessent signaled a more aggressive posture, saying that a US blockade of the Strait would be enforced to halt transit by Chinese vessels and other tankers.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)