Story perspectives

Gas Prices Up 25% as Treasury Acts on Russia, Iran

4/25/2026

Left

Treasury Grants Licenses

U.S. gasoline prices surged 25 percent from February to March, the largest monthly increase on record.
The Treasury Department granted a one-month license on Friday that restores a sanctions exemption for Russian oil sales until May 16.
The agency froze $344 million in cryptocurrency wallets tied to Iran’s financial networks.
A general license was issued to wind down deals with China’s Hengri Petrochemical refinery.

Right

Treasury Sanctions

The Treasury sanctioned a Chinese independent “teapot” refinery alongside dozens of vessels tied to Iran’s shadow fleet.
U.S. President Donald Trump’s administration imposed sanctions on Iran’s shadow fleet of tankers to cut revenue before talks on Saturday.
Treasury Secretary Scott Bessent called the effort the “Economic Fury” campaign to strangle Iran’s financing.
Karoline Leavitt confirmed Jared Kushner and envoy Steve Witkoff will travel to Islamabad for talks.

History

Historical Context

After OAPEC’s October 1973 decision to cut Arab output by 5 % per month and embargo the United States, Saudi Arabia and other producers drove crude from about $3 to $12 a barrel—a near-300 % jump that sparked a global energy crisis. Today the U.S. Treasury’s sanctions on Russian oil echo that strategy, using energy finance to pressure rivals.

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Treasury Grants Licenses

U.S. gasoline prices surged 25 percent from February to March, the largest monthly increase on record.
The Treasury Department granted a one-month license on Friday that restores a sanctions exemption for Russian oil sales until May 16.
The agency froze $344 million in cryptocurrency wallets tied to Iran’s financial networks.
A general license was issued to wind down deals with China’s Hengri Petrochemical refinery.

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