OFAC Phase Two sanctions commence oil sector fully targeted

The second tranche of Iran sanctions takes effect, targeting Iran's oil and gas sector with comprehensive restrictions. OFAC simultaneously reissues eight Significant Reduction Exceptions for an additional 180 days, allowing China, India, Japan, South Korea, Turkey, Taiwan, Singapore, and South Africa to continue limited Iranian oil imports. This creates a temporary but politically controlled market for Iranian crude, capping exports at roughly 1 million barrels per day and capturing negotiating leverage.