The U.S. Treasury Department announced Wednesday it will not renew a temporary waiver easing sanctions on Iranian oil. This authorization for crude already at sea expires in a few days.
Washington is now pursuing an Economic Fury strategy to apply maximum pressure on Tehran. The Treasury warned it will deploy secondary sanctions against foreign financial institutions supporting Iranian energy activities.
Physical crude prices are currently approaching $150 per barrel. A U.S. naval blockade of the Strait of Hormuz has caused the largest supply disruption in history. Ending the waiver removes a critical relief source for an already constrained global market.