Treasury Secretary Scott Bessent reaffirmed that the US would not renew general licenses that allowed for the temporary sale of certain Russian and Iranian crude.
Oil pumping jacks operate in an oilfield near Almetyevsk, Tatarstan, Russia.
The Trump administration will allow a waiver temporarily authorizing the purchase of certain Iranian crude oil to expire this weekend.
The impounded Iranian crude oil tanker, Grace 1, is silhouetted as it sits anchored off the coast of Gibraltar on Saturday, July 20, 2019. Tensions have flared in the Strait of Hormuz in recent weeks as Iran resists U.S. sanctions that are crippling its oil exports and lashes out after the seizure on July 4 of one of its ships near Gibraltar. Photographer: Marcelo del Pozo/Bloomberg
The US and Iran are looking to arrange a second round of peace talks in the coming days as a standoff in the Strait of Hormuz worsens a global energy crisis and complicates diplomatic prospects.
The Rich Starry (in white) is currently transiting the Strait of Hormuz signaling Chinese ownership. The Elpis had passed through a few hours earlier.
The Trump administration will allow a waiver temporarily authorizing the purchase of certain Iranian crude oil to expire this weekend.
The impounded Iranian crude oil tanker, Grace 1, is silhouetted as it sits anchored off the coast of Gibraltar on Saturday, July 20, 2019. Tensions have flared in the Strait of Hormuz in recent weeks as Iran resists U.S. sanctions that are crippling its oil exports and lashes out after the seizure on July 4 of one of its ships near Gibraltar. Photographer: Marcelo del Pozo/Bloomberg
Indian Prime Minister Narendra Modi said he spoke with US President Donald Trump to discuss the Iran war and situation in the Strait of Hormuz, as a US blockade of the waterway risks exacerbating a global energy crisis.
Narendra Modi, India's prime minister, speaks during a news conference with Mark Carney, Canada's prime minister, not pictured, at Hyderabad House in New Delhi, India, on Monday, March 2, 2026. Carney met Modi in New Delhi on Monday to reset relations after years of strain, with both leaders looking to clinch deals to boost trade and supply chains.
President Donald Trump said the US will blockade the Strait of Hormuz following the failure of peace talks with Iran in Islamabad this weekend, a move that will likely exacerbate oil and fuel shortages globally.
President Donald Trump said the US will blockade the Strait of Hormuz following the failure of peace talks with Iran in Islamabad this weekend, a move that will likely exacerbate oil and fuel shortages globally.
Several Asian countries are pushing the US Treasury Department to renew a sanctions waiver allowing them to purchase Russian crude, according to people familiar with the matter.
President Donald Trump warned Iran against charging tolls on vessels moving through the Strait of Hormuz and accused Tehran of doing a “poor job” of letting energy supplies flow, despite a ceasefire deal that included an agreement to open the crucial waterway.
A ship waits to pass through the Strait of Hormuz in Oman on April 8. Photographer: Shady Alassar/Anadolu/Getty Images
President Donald Trump said he was “optimistic” about a deal with Iran but later threatened Tehran over charging fees in the Strait of Hormuz, as Israeli strikes in Lebanon and the continued closure of the vital waterway jeopardized diplomatic talks.
Ships of all types were seen on Wednesday morning clustered on either side of Hormuz, around Dubai in the Persian Gulf and Khor Fakkan in the Gulf of Oman.
US President Donald Trump has two weeks to figure out whether he’s untangled the knot he created in Iran, or just pulled it tighter.
WASHINGTON, DC - APRIL 1: U.S. President Donald Trump arrives to address the nation from the Cross Hall of the White House on April 1, 2026 in Washington, DC. Trump used the prime-time address to update the nation on the war in Iran. (Photo by Alex Brandon-Pool/Getty Images)
A deal for control of Venezuela’s Citgo Petroleum Corp. by a group affiliated with hedge fund Elliott Investment Management has gotten bogged down amid Trump administration concerns over the price and political risk.
Citgo headquarters in Houston. Photographer: Brandon Bell/Getty Images
As President Donald Trump muses about seizing control of Iran’s oil sector, one potential upside is looming in his thinking: expanding US global energy dominance to gain trade leverage against China, people familiar with the matter say.
The Trump administration said it will maintain 50% tariffs on many imported steel, aluminum and copper products, even as it moves to simplify duties for goods made with negligible amounts of the metals.
A worker inspects coils of steel in the storage yard at a steel plant in Ostrava, Czech Republic.
The Trump administration said it will maintain 50% tariffs on many imported steel, aluminum and copper products, even as it moves to simplify duties for goods made with negligible amounts of the metals.
A worker inspects coils of steel in the storage yard at a steel plant in Ostrava, Czech Republic.
Attorney General Pam Bondi is leaving her post as head of the US Justice Department, ending a tumultuous tenure as the nation’s top law enforcement official after stumbles in her efforts to carry out President Donald Trump’s agenda.
The Trump administration is preparing to outline a tiered system for its broad tariffs on steel and aluminum products in an attempt to simplify a process that has dogged American companies for months.
Steel coils at the Port of Little Rock in Little Rock, Arkansas, US, on Thursday, April 3, 2025. Wall Street economists said the US risks a recession this year and inflation could return to pandemic levels following the Trump administration's announcement of major tariffs on global trading partners. Photographer: Al Drago/Bloomberg
President Donald Trump said he foresaw ending the war on Iran within two to three weeks, suggesting the US had largely accomplished its military goals and would leave it to other nations to resolve issues with the Strait of Hormuz.
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