U.S. Treasury Secretary Scott Bessent said Thursday that he plans to hold a press conference on Monday to outline the next steps in Washington’s economic strategy toward Iran.
The announcement comes as the United States signals that additional financial pressure could be used in an effort to influence the conflict and broader regional tensions.
Bessent Says More Details on Iran Are Coming
Speaking to CNBC, Bessent said Monday’s press conference would explain in greater detail what the U.S. government intends to do regarding Iran.
His comments followed remarks from President Donald Trump, who warned Wednesday that countries providing economic support or other assistance to Iran could face consequences from the United States.
Trump has called for stronger economic isolation of Tehran as Washington seeks to influence the course of the conflict involving Iran and Israel.
Oil Prices Rise as Markets Assess U.S. Policy
Oil prices climbed to their highest levels in more than three weeks on Thursday as traders reacted to the latest developments.
However, Bessent suggested that markets may be misreading the implications of stronger economic pressure.
He argued that a strategy centered on maximum economic pressure could reduce the likelihood of a renewed large-scale military escalation, rather than increase it.
Bessent also indicated that the U.S. government has access to information that may not yet be fully reflected in market pricing.
China Could Become Part of the Discussion
When asked whether the United States could take action against China for continuing to conduct business with Iran, Bessent declined to provide specific details.
He said some diplomatic discussions are better handled privately.
Still, he emphasized that major economies have a shared interest in reopening the Strait of Hormuz and bringing energy prices lower.
China is particularly exposed to developments in the Gulf because a significant portion of its energy imports comes from the region.
Strait of Hormuz Remains Crucial for Energy Markets
The Strait of Hormuz remains one of the most important shipping routes for global oil and gas markets.
Any disruption to traffic through the waterway can quickly affect crude prices, inflation expectations and global financial markets.
Bessent expressed confidence that major countries would support efforts aimed at restoring normal shipping conditions and reducing pressure on energy prices.
Trump Threatens Stronger Economic Isolation
In a social media post Wednesday, Trump warned of what he described as a new phase of economic pressure and isolation against Iran.
However, few specific details were provided about what measures the administration could introduce.
Iran has faced extensive U.S. and international sanctions for decades, particularly since the 1979 Islamic Revolution.
Iran Pushes Back Against Trump’s Comments
Iranian Foreign Minister Abbas Araqchi criticized Trump’s latest remarks, arguing that they were intended to shift attention away from economic challenges inside the United States.
Araqchi pointed to issues including rising government debt and higher borrowing costs.
Markets are now likely to focus closely on Bessent’s Monday press conference for more clarity on possible sanctions, trade restrictions or other economic measures involving Iran.
Any new policy affecting Iranian oil exports, China or shipping through the Strait of Hormuz could have significant implications for oil prices, global trade and financial markets.
