US revokes waiver for Iranian oil sales amid renewed Gulf strikes

According to France 24, the US Treasury Department will no longer permit Iranian oil sales to be settled in US dollars on global markets. The decision follows a series of incidents in which several tankers were struck by projectiles while trying to cross the Strait of Hormuz, amid renewed strikes in the Gulf. France 24 reports the move has left more than sixty million barrels of Iranian crude stranded at sea, with no clear buyers. The same broadcast also looks at a Chinese air conditioning factory racing to keep up with soaring European demand as heatwaves push up sales.

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