The US Treasury Department announced it will not renew a short-term exemption that allowed the sale of Iranian oil already stranded at sea.

The temporary easing, which expires on April 19, was initially implemented to stabilize global energy prices following supply shocks from a war that began on February 28. It only applied to oil loaded onto ships before March 20.

The US is reinstating its maximum pressure campaign against Tehran. As part of this effort, the Trump administration has sent letters to authorities in China, Hong Kong, the UAE, and Oman, demanding their cooperation in stopping local banks from processing illicit Iranian funds.

The region remains highly volatile. In retaliation for US-Israeli attacks, Iran recently blocked the Strait of Hormuz, a crucial waterway for 20% of the world’s oil and gas.

While the US and Iran have agreed to a two-week ceasefire, recent diplomatic talks in Pakistan failed to produce a resolution. Consequently, President Donald Trump has ordered a blockade of Iranian ports to further increase pressure on the country.