The US Treasury Department announced on Tuesday that it will not renew a temporary authorization allowing the sale of Iranian oil already loaded onto ships, a move that signals a return to stricter enforcement of sanctions against Tehran.
In a statement, the Treasury Department said, "The short-term authorization permitting the sale of Iranian oil already stranded at sea is set to expire in a few days and will not be renewed." The initial measure, which was set to last through April 19, permitted the delivery and sale of Iranian crude and petroleum products loaded before March 20.
"The Treasury Department added that it is 'maintaining maximum pressure' on Tehran."
A senior US official, speaking anonymously, revealed that the Trump administration is sending letters to China, Hong Kong, the United Arab Emirates, and Oman, highlighting banks in their jurisdictions suspected of facilitating illicit Iranian activities. The letter, seen by Agence France-Presse, requests cooperation from authorities to halt such activities, citing evidence that banks in these regions processed illicit Iranian funds.
The temporary easing of sanctions on Iranian oil was part of broader efforts by the Trump administration to address soaring energy prices following the outbreak of war on February 28, which included similar measures for Russian oil. In response to US-Israeli attacks, Iran blocked the Strait of Hormuz, a critical waterway through which one-fifth of global oil and gas supplies flow.
Despite a two-week ceasefire agreement between the United States and Iran, recent diplomatic talks in Pakistan failed to yield a breakthrough. President Donald Trump subsequently ordered a blockade of Iranian ports to intensify pressure on Tehran, underscoring the ongoing geopolitical tensions in the region.