U.S. ‌Treasury Secretary Scott Bessent said Wednesday that he extended sanctions relief on Russian and Iranian ‌seaborne oil ​for 30 days because of requests from countries ⁠that are the ​most vulnerable to oil shortages from ⁠the closed Strait of Hormuz.

Bessent told a U.S. Senate ‌Appropriations subcommittee budget hearing ​that the ‌requests came from finance ‌leaders of about 10 countries during last week's International Monetary Fund ⁠and World ‌Bank meetings.

The action reversed his ⁠earlier comments ⁠last week that he would ‌not renew expiring sanctions waivers.

Bessent said estimates that Iran has ‌gained ​more ‌than $14 billion from the relief are "a myth," but ​he did not provide an alternate figure.