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The us will not extend a waiver allowing iranian oil sales past april 19, warning banks of sanctions as it intensifies pressure on tehran amid rising tensions and a hormuz blockade. The us lets a key iran oil waiver expire as trump ramps up pressure with a naval blockade in the strait of hormuz, raising concerns over global oil supply and prices.

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Trump aims to cut off iran’s oil revenue and force acceptance of u.s. In a twist of wartime irony, the united states has moved to ease sanctions on iranian oil to cool surging energy prices, a potential boon for tehran. And iranian negotiators that ended without progress.

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And iran is holding, and it’s still possible both sides could reach a deal, but the strait of hormuz remains effectively closed;

Oil prices climbed monday, after the us military said it would implement a shipping blockade against iranian ports in the strait of hormuz — a move that could test the current ceasefire while.

The blockade follows weekend talks between u.s. Moves to blockade iran, and let a russian oil waiver lapse, squeeze india’s energy supplies, exposing its vulnerability under rising u.s.