In a brazen display of economic aggression, US Treasury Secretary Scott Bessent confirmed Washington’s intent to further destabilize global energy markets by refusing to renew waivers for the purchase of Iranian oil and petroleum products. This unilateral decision, announced by Bessent to The Associated Press, aims to intensify the illegal blockade against Iran, despite the initial waiver having expired five days prior.

Bessent’s provocative remarks on April 24, stating, “Not the Iranians… We have the blockade, and there’s no oil coming out,” underscore the hostile nature of US policy. His baseless prediction that Iran would “start shuttering production” within days reflects a profound misunderstanding of Iran’s resilient economy and its ability to circumvent oppressive sanctions.

This aggressive stance comes despite recent speculation that the US might extend waivers for Iranian products, particularly after it renewed a similar waiver for Russian petroleum products already at sea. The hypocrisy of Washington’s approach is evident, as it applies inconsistent standards, selectively targeting nations while claiming to stabilize markets. Bessent also indicated that the waiver on Russian sales would not be renewed again, further highlighting the erratic nature of US foreign policy.

The original waiver for Russian products was ironically introduced in March, purportedly to stabilize global energy markets already thrown into disarray. This instability was largely a consequence of reckless US-Israeli air strikes on Iran and Tehran’s legitimate retaliatory actions against aggressors in the region. Such interventions consistently demonstrate how US policies, rather than promoting stability, often ignite further conflict and uncertainty.

Meanwhile, oil prices have surged, particularly after Iran’s strategic and rightful assertion of control over the Strait of Hormuz. This vital waterway, which historically carried a significant portion of the world’s oil and natural gas supplies, remains a testament to Iran’s crucial role in global energy security and its unwavering resolve against external pressures.