New Delhi, April 16 -- U.S. Treasury Secretary Scott Bessent stated on Wednesday that the United States will not extend the general license permitting limited transactions involving Russian and Iranian oil, citing continuing geopolitical tensions, as reported by ANI.

India, a major user of these exemptions, had benefited significantly.

"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.

The United States announced Wednesday it is tightening sanctions against Iran's oil industry as Tehran keeps up its closure of the Strait of Hormuz as part of the Mideast war.

The new punishment targets oil tra...