U.S. Treasury Secretary Scott Bessent will hold a press conference on Monday to outline further measures against Iran, as oil prices surged to three-week highs following his remarks to CNBC on Thursday. The development comes amid heightened tensions in the Middle East, where the U.S. and Israel have engaged in a conflict for nearly six months.
Bessent stated that Washington is preparing to impose "the toughest sanctions in history" on Iran, describing current measures as a "one-two punch" designed to collapse the regime. He dismissed concerns over oil market reactions, asserting that economic pressure would likely prevent a large-scale military escalation. "I think oil markets are misinterpreting what this economic pressure means," Bessent said. He also emphasized the strategic leverage the U.S. holds, noting that China derives 50% of its energy from the Gulf region and purchases over 80% of Iran’s shipped oil, according to 2025 data from analytics firm Kpler.
President Donald Trump separately warned allies on Wednesday against providing any support to Iran, threatening economic consequences for countries that offer a "lifeline" to Tehran. Iranian Foreign Minister Abbas Araqchi dismissed Trump’s comments as an attempt to distract from domestic financial challenges, including record U.S. debt and rising interest rates.
The announcement follows a period of prolonged sanctions against Iran, which have persisted for nearly 50 years since the 1979 Islamic Revolution. Oil prices have climbed in recent sessions, reflecting market uncertainty over the potential impact of further U.S. actions on global energy supplies.
