- Treasury Secretary Scott Bessent announced that the U.S. is enforcing aggressive sanctions to cut Iran’s oil exports to near zero.
- Bessent also signaled that the administration is prepared to sanction Russian energy to push for a Ukraine ceasefire.
Treasury Secretary Scott Bessent, speaking at the Economic Club of New York, said the U.S. is enforcing sanctions on Iran for “immediate maximum impact,” warning that Iranians should move their money out of the rial.
The goal is to cut Iran’s oil exports from 1.5 million barrels per day to near zero.
His comments came as oil prices fell to multiyear lows on Wednesday, driven by concerns that tariffs on Canada, Mexico, and China could slow economic growth and weaken crude demand.
Following Bessent’s remarks, both U.S. crude and Brent prices turned positive, with JP Morgan analysts noting that a decline in Iranian supply is currently the only bullish factor for oil prices.
Bessent also signaled that the administration is prepared to impose full-scale sanctions on Russian energy if it helps lead to a ceasefire in Ukraine. This is a welcome shift from the Trump administration, who so far has only been pressuring the victim of the war rather than the perpetrator.
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