US Treasury Secretary Scott Bessent has vowed not to renew the lifting of sanctions on certain Iranian oil.
This action was taken to maintain "maximum pressure" on Iran, the department says on social media, the Telegraph reports.
In a post on X, he adds that the department is prepared to impose secondary sanctions against foreign financial institutions that "continue to support Iran's activities."
Treasury Secretary Scott Bessent said last month that the permit was applicable to the sale of crude oil and petroleum products of Iranian origin currently loaded on ships, with the authorization lasting until April 19.
He said the move would quickly bring about 140 million barrels of oil to global markets.
About a fifth of the 100 million barrels of oil the world consumes every day typically travels through the Strait of Hormuz. /Telegraph/
