WASHINGTON — The Senate Foreign Relations Committee approved an amendment to the Russia sanctions bill Thursday, attaching new measures targeting Iran's oil and shipping sectors. The bipartisan vote was 17-4, sending the expanded legislation to the full Senate.
Major U.S. oil and gas companies spent $18.3 million on lobbying in the first quarter of 2026, according to OpenSecrets data. ExxonMobil alone reported $3.1 million; Chevron spent $2.5 million. Those firms pressed for tougher sanctions on Iranian crude, which limits global supply and supports higher prices for their own production. Sens. Ted Cruz (R-Texas) and Joe Manchin (D-W.Va.), both heavy recipients of energy sector campaign donations, were vocal proponents of the amendment.
The new sanctions target foreign entities that facilitate Iranian oil sales, including shipping companies, insurers and financial institutions. Analysts at Rystad Energy estimate the measures could remove 500,000 to 1 million barrels per day of Iranian crude from the market — a supply cut that would drive up global oil benchmarks, directly benefiting U.S. energy companies and their investors while pushing consumer gasoline prices higher.
The American Petroleum Institute spent $2.8 million on lobbying in the first quarter, advocating for policies that strengthen domestic energy production and limit foreign rivals. Marathon Petroleum and Valero also contributed heavily to Republican and moderate Democratic campaigns. Both stand to gain from reduced competition and elevated crude prices.
The combined Russia-Iran sanctions package now heads to the full Senate, where a vote before the August recess is expected. President Trump has signaled strong support for tighter Iran sanctions, making passage likely. The administration views the measures as a key component of its maximum pressure strategy against Tehran.
