Treasury Ends Iran Sanctions Forbearance as Tehran Threatens Gulf Shipping

The Treasury move was direct: Secretary Bessent said there is no more forbearance on Iran sanctions. The statement was read as a signal of tighter oil supply and support for energy prices, with XLE, WTI, Brent and USO among the assets being watched for transmission.

The IRGC Navy warning, published after the Sept. 8 cash close, threatened ships in response to the U.S. attack on Iranian oil tankers. That broadens the risk from a targeted tanker incident to Gulf shipping lanes generally, with fuel and seaborne-trade costs likely to rise and energy kept supported in thin liquidity.

In currency markets, the dollar-yen move was described mainly as a yen story, not evidence of a broader shift toward the dollar. The pair broke through 155.0 and extended to 153.0 in holiday-thinned liquidity, with fast money focused on a hawkish Bank of Japan and GPIF increasing domestic ownership. The next meaningful support was seen at 152.0, with a break there opening the way toward 150.0.