The Trump administration is recalibrating energy sanctions. As US Treasury Secretary Scott Bessent has said, sanctions "are not intended to be a forever tool." First came Venezuela, then temporary waivers on Russian oil, and now an easing on Iran. In parallel, there is a narrative of trying to “control” oil and influence markets, even before the Mideast conflict, alongside a concerted US effort to redirect sanctioned, discounted barrels away from China and into the US dollar trade. Both have played out most directly in Venezuela, where the US has oversight on investment and oil revenues. But as it prioritizes adding supply to the market, the US is also eying similar aims in Iran and, to some extent, Russia.