Energy

A bipartisan pair of U.S. senators is set to introduce legislation that would seek sanctions on senior Hungarian officials involved in blocking aid to Ukraine and maintaining the country’s reliance on Russian energy.

China remains the destination for about 90 percent of Iranian crude exports despite a recent U.S. sanctions waiver intended to release previously restricted oil onto global markets.

India has purchased its first cargo of Iranian liquefied petroleum gas in years after the United States temporarily lifted sanctions on Tehran’s oil and refined fuel exports.

Iran-linked hackers have stepped up cyberattacks on Israel in recent weeks, wiping data at more than 50 small businesses and compromising about 50 public security cameras, Bloomberg reported Tuesday, citing Israel’s top civilian cyber official.

President Donald Trump is facing bipartisan blowback after his administration temporarily eased sanctions on Iranian oil, a move that could allow Tehran to sell up to 140 million barrels now at sea and generate as much as $14 billion as oil prices surge during the U.S.-backed war against Iran.

The United States may remove sanctions in the coming days on about 140 million barrels of Iranian oil stranded aboard tankers at sea, according to The Guardian, which cited recent comments by U.S. Treasury Secretary Scott Bessent.

A trader identified by The Wall Street Journal as a central figure in Russia’s shadow fleet has revived his oil business after the Iran war disrupted supplies from the Persian Gulf and boosted demand for Russian crude that had been stranded at sea.

The United States on Wednesday issued a general license broadly authorizing U.S. companies to do business with Venezuela’s state-run oil company PDVSA, a move that could unlock new investment and eventually increase the country’s crude production capacity.

North Sea oil executive Francesco Mazzagatti could soon be the subject of a worldwide asset freeze stemming from a London lawsuit alleging he siphoned funds from former business partners tied to an Iranian petrochemicals business.

U.S. officials have linked two prominent figures in English polo to an alleged scheme to launder proceeds from the illicit sale of Venezuelan oil, according to a Financial Times report that cited a recent Treasury Department notice about the now-defunct Swiss lender MBaer Merchant Bank.