US revokes waiver for Iranian oil sales amid renewed Gulf strikes

Summary

The US Treasury Department has announced it will no longer allow Iranian oil sales to be conducted in US dollars on global markets after several tankers were hit by projectiles while attempting to cross the Strait of Hormuz. The move has left more than 60 million barrels of Iranian crude stranded at sea without any clear buyers. Also in this edition, we go inside a Chinese air conditioning factory racing to meet soaring European demand as heatwaves drive up sales.