Treasury Secretary Scott Bessent reaffirmed that the US would not renew general licenses that allowed for the temporary sale of certain Russian and Iranian crude.

Treasury Secretary Scott Bessent says the US will squeeze Iran’s economy by reinstalling sanctions, targeting banks and customers flouting the ban.

Washington says new measures not aimed at easing restrictions on Moscow and only affect supplies already in transit

The post shared, “JUST IN: 🇺🇸🇨🇳 US Treasury Secretary Bessent says China will no longer be able to get oil from Iran.” It was accompanied by a collage image of Scott Bessent and Chinese President Xi Jinping. Notably, the claim emerged following reports of a US blockade of the Strait of Hormuz amid the ongoing Middle East conflict involving Iran.

US Treasury Secretary Scott Bessent said the addition of sanctioned Iranian oil into global supplies would help keep oil prices down for the next 10 to 14 days. Oil prices have been above $100 per barrel for much of the past two weeks as Iran has closed the Strait of Hormuz to shipping and has attacked tankers.