US Treasury Secretary Scott Bessent announced on 15 April that OFAC General Licence U would not be renewed when it expires on 19 April, describing secondary sanctions as 'the financial equivalent of the bombing campaign'. Brent Crude closed near $95 and drifted lower on 16 April, with no OFAC designations published and no implementing instrument filed. A Lowdown audit of the White House presidential-actions page on 16 April found zero Iran-related executive orders, proclamations or memoranda since 6 February 2026 across 47 days of war.
A Cabinet-level sanctions threat with no OFAC designation list behind it has converged with the unsigned-blockade pattern; markets are pricing the silence, not the speech.
