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.

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.