Bessent says US will impose toughest ever sanctions on Iran

The United States will impose "the toughest sanctions in history" on Iran, US Treasury Secretary Scott Bessent said on Thursday, Report informs via Reuters.

Bessent said he would hold a press conference ‌on Monday to discuss details.

"It is a one-two punch. We have the blockade (on Iran), and we are going to have the toughest sanctions in history," Bessent told CNBC. "It is going to work in Iran and we are going to collapse this regime."

"It is time for our allies and the rest of the world to make a decision," he said.

President Donald Trump ⁠warned on Wednesday 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 said. Oil prices climbed to more than three-week highs on Thursday.

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% (of their) energy from inside the Gulf. So it would do them a big service ⁠to get with the program."