US Treasury Secretary Scott Bessent says he has extended sanctions relief on Russian and Iranian seaborne oil for 30 days, because of requests from countries most vulnerable to oil shortages from the closed Strait of Hormuz, Reuters reports.

Bessent has told a US Senate Appropriations subcommittee budget hearing that the requests came from the financial 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 says estimates that Iran has gained more than $14 billion from the relief are “a myth,” but has not provided an alternate figure.