Iraq’s massive West Qurna 2, which provides 10% of the nation’s crude, has shifted operations after U.S. sanctions forced Russia’s Lukoil out. Now, Chevron is eyeing the field, but the American oil giant insists on more favorable terms before it fully commits.

Speaker Johnson has stated that there is a “big appetite” in Congress to use sanctions as a means of ending the war in Ukraine. While few details have been released, this stance underscores a growing interest among U.S. lawmakers in exploring diplomatic and economic pressure to resolve the conflict.

In a move to intensify pressure on Iran’s oil industry, the United States has sanctioned Chinese refiner Shandong Shengxing Chemical Co. Ltd. The refinery is accused of purchasing over a billion dollars’ worth of Iranian crude oil, signaling a tougher stance on companies defying US sanctions.