US Treasury Secretary to lay out economic moves on Iran
US Treasury Secretary Scott Bessent says he will hold a press conference on Monday "to talk about exactly what we're going to do" on Iran.
President Donald Trump on Wednesday warned of economic consequences against any country that provided "any type of lifeline to Iran" as the United States looks to resolve a war it began alongside Israel nearly six months ago.
"I think oil markets are misinterpreting what this economic pressure means," Bessent told CNBC.
"We have asymmetric information, and I'm not sure why oil has popped up on this," Bessent said.
"If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart."
When asked if the United States could target China for doing business with Iran, Bessent said many conversations were best to have in private.
"We are confident that everyone wants the Strait (of Hormuz) reopened, and for energy prices to come back down," he said.
"Keep in mind that the Chinese get 50 per cent (of their) energy from inside from the Gulf. So it would do them a big service to get with the program."
In a social media message on Wednesday, Trump promised "Economic Warfare and Isolation on an unprecedented scale," although details were scant.
"ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences," Trump wrote.
He did not say what specific steps the US. would take or name any country.
Iran has weathered continuous punishing economic sanctions for nearly 50 years, since the Islamic Revolution of 1979.
U.S. Secretary of the Treasury Scott Bessent: "We got a spike in oil prices today that I don't really understand." pic.twitter.com/r3AaEwZPZL— CSPAN (@cspan) August 20, 2026
Iranian Foreign Minister Abbas Araqchi called Trump's comments an attempt to divert US public opinion from domestic financial problems, including record debt and rising interest rates.
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