Oil Sanctions

• The US Treasury Department imposed sanctions on April 5, 2026, against three Venezuelan oil executives accused of funding electoral fraud that displaced 200,000 migrants toward the US border. • Targets include PDVSA Vice President Carlos Vargas, with assets frozen and US travel bans; Secretary Blinken noted, 'These actions undermine democracy and fuel instability.' • Measures aim to pressure Maduro regime amid humanitarian crisis, where 8 million Venezuelans have fled since 2015, straining US border resources.

Move to allow shipments already at sea comes amid a supply crisis and after US president says he does not ‘want to do a ceasefire’; IDF says it is attacking regime targets in Tehran after missiles fired at Israel from IranUS to send three more warships and thousands more troops, reports sayHow the Iran war has sent shocks rippling across the globeHello and welcome to our continuing live coverage of the US-Israel war on Iran and its repercussions for the Middle East, the world and the global economy.President Donald Trump said on Friday he was considering “winding down” military operations against Iran, as the US temporarily eased sanctions on Iranian oil shipments to stem a global supply crisis.Iran is willing to help Japanese ships sail a vital route for global fuel supplies, foreign minister Abbas Araghchi told Kyodo News in an interview published on Saturday. Japan depends on crude oil imports from the Middle East, most of which transits the strait of Hormuz.Iran fired two intermediate-range ballistic missiles at Diego Garcia but neither of them hit the joint US-UK military base in the Indian Ocean, the Wall Street Journal and CNN reported, citing multiple US officials. The WSJ said one of the missiles failed in flight, and a US warship fired an SM-3 interceptor at the other. Neither outlet confirmed when Iran launched the missiles.One person was killed and two others wounded after an Israeli airstrike hit a house in a town in southern Lebanon early on Saturday, state media said.Trump continued to make his disappointment with the British government known, saying the UK “should have acted a lot faster” in allowing the US military to use its bases in the Middle East.Earlier, Downing Street approved US use of its bases “for the collective self-defence of the region”, including “defensive operations” degrading Iranian missile sites targeting ships in the strait of Hormuz. Britain had previously only allowed US forces to use its bases for operations to prevent Iran firing missiles that put British interests or lives at risk.Araghchi said UK prime minister Keir Starmer “is putting British lives in danger by allowing UK bases to be used for aggression against Iran”. Continue reading...

Move to allow shipments already at sea comes amid a supply crisisUS to send three more warships and thousands more troops, reports sayHow the Iran war has sent shocks rippling across the globeKuwait’s state oil firm KPC said its Mina Al-Ahmadi refinery was hit by multiple drone attacks early on Friday, causing a fire in some units, with no initial casualties reported, the state news agency said.Firefighters responded immediately, with several units shut down as a precaution to ensure workers’ safety. Continue reading...

Treasury secretary Scott Bessent says move will bring 140m barrels to market but insists Tehran will not benefitThe Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US treasury secretary Scott Bessent said.It is the third time the US has temporarily waived sanctions in about two weeks. Continue reading...

US treasury secretary says actions will increase oil supply and bring down prices, but long-term effects in questionThe US may soon remove sanctions on Iranian oil stranded on tankers at sea, the treasury secretary, Scott Bessent, said on Thursday as Washington seeks to curb prices soaring over Iran’s closure of the strait of Hormuz.“In the coming days, we may un-sanction the Iranian oil that’s on the water. It’s about 140m barrels,” Bessent said during an appearance on Fox Business Network’s Mornings with Maria. Continue reading...

• The Trump administration has suspended sanctions on Russian oil stranded at sea, a decision the European Union is actively pushing back against as counterproductive to international pressure on Moscow. • The move reflects competing priorities between managing energy prices during the Iran conflict and maintaining unified sanctions against Russia over its broader geopolitical actions. • EU officials argue that easing Russian oil sanctions undermines the coalition's ability to hold Russia accountable and contradicts the administration's stated commitment to allied coordination.

• NATO leaders have called on President Trump to reverse his decision to suspend sanctions on Russian oil as the Iran conflict creates energy market volatility. • The call reflects concerns among European allies that easing Russian oil sanctions could destabilize energy markets further while undermining coordinated Western policy on Russia. • The disagreement between Trump and NATO allies over Russian sanctions policy during the Iran crisis highlights geopolitical divisions among Western nations at a critical moment.