U.S. Treasury Secretary Scott Bessent addressed the New York Economic Club on March 6, 2025.
Charly Triballeau | AFP | Getty Images
President Donald TrumpFinance Minister Scott Bessent said Thursday that sanctions on Iran are aimed at shutting down the country’s oil industry and “collapsed an already buckled economy.”
Bessent told the New York Economic Club that the U.S. is actively imposing sanctions on Iran. The Treasury Secretary said Trump’s goal is to cut Iran’s 1.5 million barrels per day oil export.
“We will shut down Iran’s oil sector and drone manufacturing capabilities,” Bessent said. The government also intends to cut off Tehran’s visit to the international financial system, he said.
After Bessent’s comments, the prices of U.S. crude oil and global benchmark Brent became positive. West Texas Intermediate Rose 6 cents, $66.37 a barrel, to 1:03 pm ET, while Brent went for 16 cents to $69.46.
“Banking Iran again will mark the beginning of our latest sanctions policy,” said the former global investment manager. “If I were Iranian, I would have gotten all the money from Rial now.”
Trump passed Presidential Memorandum February 4. Two days later, the Ministry of Finance began Implement sanctions Ship Iranian oil to China on international networks.
Oil prices fell to multi-year lows on Wednesday as Trump tariffs on Canada, Mexico and China raised the demand for economic growth to slow and rougher demands to fade. OPEC+ also confirmed that it will gradually bring 2.2 million barrels to the market this week starting in April.
A JPMorgan analyst led by Natasha Kaneva told clients in a note Thursday.
Trump said he wanted to reach a nuclear deal with Iran after launching the biggest pressure campaign. The president said he hoped the greatest pressure “does not have to be used within any scope at all.”
“I prefer a proven nuclear peace agreement that will allow Iran to develop and prosper peacefully,” Trump said in a social media post on February 5. Joint integrated action plan Nuclear agreement negotiated by former president Barack Obama.
