US Secretary Scott Bessent turns to the New York Economic Club on March 6, 2025.
Charly Triballeau AFP Getty images
The sanctions of President Donald Trump towards Iran are aimed at closing the national oil industry and “the collapse of his already bumping economy,” said Scott Bessent secretary on Thursday.
Bessent said the US is arranging sanctions against Iran for “immediate maximum influence”, Bessent. Trump's goal is to reduce the export of oil Iran of 1.5 million barrels per stream, said the secretary of the treasury.
“We intend to close the Iranian oil sector and drone production possibilities,” Bessent said. He said that the administration also intends to cut off Tehran's access to the international financial system.
Crude oil prices in the USA and the Brent Reference Point have become positive after Bessent's comments. West Texas Intermediate increased by 6 cents to USD 66.37 per barrel to 13:03 et, while Brent gained 16 cents to 69.46 USD.
“Making Iran will break the beginning of our updated sanction policy,” said the secretary of the treasury, a former global investment manager. “If I were Iranian, I would now get all the money from Rial,” he said.
Trump again imposed his campaign on the pressure on Iran via Presidential Memorandum On February 4, two days later, the Treasury Department began imposing sanctions in the international mail order network of Iranian crude oil to China.
Oil prices fell on Wednesday to many years of falls, because Trump's tariffs against Canada, Mexico and China raised concerns among investors that economic growth would be slow and the strict demand will fall. OPEC+ also confirmed this week that it gradually brings 2.2 million barrels a day back to the market since April.
The oil market at the moment Iranian supply will fall as the only stubborn price catalyst, JP Morgan analysts led by Natasha Kaneva on Thursday told customers.
Trump, after starting the maximum pressure campaign, said he wanted to negotiate a nuclear agreement with Iran. The president said that he hopes that the maximum pressure “will not have to be used at all.”
“I would prefer a verified nuclear agreement that will allow Iran to grow and prosper,” said Trump on social media on February 5. In 2018, the president withdrew the US from the USA with Common comprehensive action plan Nuclear agreement negotiated by the former president Barack Obama.