Treasury Secretary Scott Bessent said the US aims to cut Iran’s oil exports to 100,000 barrels a day, down from the current 1.5–1.6 million, as part of renewed “maximum pressure” on Tehran.
He also vowed to tighten Russian energy sanctions if directed. Brent crude rose 1.1% to $75.85 a barrel after his remarks.Last week, Trump signed a directive to increase pressure on Iran, aiming to block its path to a nuclear weapon.Treasury Secretary Bessent said Iranian oil funds global terrorism and criticized China and India for buying sanctioned oil.
Cutting exports to 100,000 barrels a day would cause “severe economic distress,” as Iran faces inflation and a large budget deficit, he told Fox Business.
Treasury Secretary Bessent took a firmer stance than Trump, who expressed reluctance last week about signing the order against Iran, hoping for a possible agreement to avoid its enforcement.Ahead of Trump’s Jan. 20 inauguration, Asian refiners sought alternative supplies, fearing restrictions on Iranian or Russian oil.
However, concerns eased after initial measures targeted only three tankers.Despite the pressure, Iran’s oil production remains strong, averaging 3.32 million barrels per day in January—the highest since Trump’s 2018 crackdown, according to Bloomberg data.
