US Treasury Revokes Dollar Waiver for Iranian Oil Amid Gulf Strikes

The US Treasury Department has announced a significant shift in its policy regarding Iranian energy exports. The department stated it will no longer permit sales of Iranian oil to be conducted using US dollars on global markets. This decision follows several tankers being struck by projectiles while attempting to cross the Strait of Hormuz. Consequently, more than 60 million barrels of Iranian crude are currently stranded at sea without any clear buyers. The move marks a new phase in Washington's economic campaign against Iran. Treasury Secretary Scott Bessent unveiled this strategy on August 24. He identified five specific economic lifelines for targeting: digital assets, technology, gold, aviation, and shipping. Bessent warned that any entity facilitating money laundering for Iran will be removed from the US dollar-based financial system. The administration announced measures against approximately 60 individuals, entities, and vessels involved in these activities. However, the US stopped short of targeting major Chinese banks, highlighting limits on enforcement against Tehran's primary trading partner. These actions aim to tighten secondary sanctions by pressuring companies and financial intermediaries outside Iran rather than simply adding restrictions to an economy already heavily sanctioned.