Washington DC, April 15 -- United States Secretary of the Treasury Scott Bessent on Wednesday (local time) said that the US will not renew the general license that allowed limited transactions involving Russian and Iranian oil amid ongoing geopolitical tensions.

"We will not be renewing the general license on Russian oil and Iranian oil. That was oil that was on the water prior to March 11th. All that has been used," Bessent said during a media briefing.

Meanwhile, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed fresh sanctions targeting what it described as "Iran's illicit oil transportation infrastructure," including around two dozen individuals, companies, and vessels, Al Jazeera rep...