US Ends Iranian and Russian Oil Sanction Waivers to Tighten Energy Enforcement

US Treasury Secretary Scott Bessent confirmed the termination of oil sanction waivers for Iran and Russia, noting that previously permitted supplies have been fully absorbed by the market. Expanding on trade policy, Bessent signaled that tariffs could be reinstated to their previous levels as early as July, supported by robust Treasury forecasts for US GDP growth exceeding 3% to 3.5% this year. Amidst these economic shifts, President Trump is scheduled to visit Beijing on May 14–15 to meet President Xi Jinping, as the US pursues a strategy of 'de-risking' rather than full economic decoupling from China. These developments highlight a dual approach of tightening energy enforcement while managing broader trade relations and domestic expansion. Market participants are closely monitoring how these measures will impact global crude supply and future trade dynamics.