"We have the blockade and no oil is coming out," Bessent says.
He also says he believes a large part of the Russian oil at sea has been used up.
The exemptions to the sanctions were made with the aim of trying to stabilize the energy market after oil prices skyrocketed following the outbreak of the war with Iran. Before the US and Israel's war against Iran began in late February, oil cost around $70 per barrel. Since then it has repeatedly been above $100.
