Oil prices pull back as Bessent launches ‘Operation Economic Outcast’ against Iran but holds off on new secondary sanctions

What matters more for oil prices is how hard U.S. sanctions hit China, Iran’s biggest oil buyer, and whether Beijing pushes back.

Treasury Secretary Scott Bessent says U.S. secondary sanctions in the pipeline aim to block all potential sources of revenue for Iran, telling nations to cut economic ties to Tehran or face U.S. retaliation

Also on Monday, officials moved to sanction nearly 60 entities, including “a network of brokers, companies, and shadow fleet vessels” across the United Arab Emirates, Hong Kong, Singapore, Switzerland, Europe, and China that helps Iran sell oil, according to a press release. And it suspended general licenses that had a

The Trump admin aims to choke off revenue streams to the Iranian regime by pressuring secondary countries to stop doing oil, energy and business deals with Tehran.

Treasury Secretary Scott Bessent announced a wave of new sanctions aimed at isolating Iran, after threatening the Islamic Republic with “an economic D-Day.”

“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone,” the Treasury secretary said.