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The United States Secretary of the United States, Scott Besent, goes to the New York Economic Club on March 6, 2025.
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The sanctions of President Donald Trump against Iran are designed to close the country’s oil industry and “collapse its buckling economy,” Treasure Secretary Scott Besent said Thursday.
The United States is deploying sanctions against Iran aggressively for “immediate maximum impact,” Besent told the New York Economic Club. Trump’s goal is to reduce Iran’s oil exports from 1.5 million barrels by dripping, said Treasury Secretary.
“We are going to close the manufacturing capabilities of the oil and drones sector of Iran,” Besent said. The administration also intends to cut Tehran’s access to the international financial system, he said.
The prices for the crude oil of the United States and the Benchmark Global Brent became positive after Besent’s comments. The west of Texas Intermediate rose 6 cents to $ 66.37 per barrel at 1:03 pm et, while Brent won 16 cents to $ 69.46.
“Getting that Iran will break again will mark the beginning of our updated sanctions policy,” said the Secretary of the Treasury, former World Investment Manager. “If I were Iranian, I would get all my money out of the Rial now,” he said.
Trump again imposed his pressure campaign on Iran through a Presidential memorandum February 4. Two days later, the Treasury Department began imposing sanctions In an international network, it sends Iranian oil to China.
Oil prices fell to a minimum of several years on Wednesday, since Trump’s tariffs against Canada, Mexico and China increased fears among investors that economic growth will decrease and raw demand will hesitate. OPEC+ also confirmed this week that it will gradually bring 2.2 million barrels per day to the market from April.
The oil market at this time sees a fall in the Iranian supply as the only bullish catalyst for prices, said JP Morgan analysts led by Natasha Kaneva to customers in a Thursday note.
Trump, after launching his maximum pressure campaign, said he wants to negotiate a nuclear agreement with Iran. The president said he hoped that maximum pressure “does not have to be used to a large extent.”
“It would prefer a verified nuclear peace agreement, which will allow Iran to grow peacefully and prosper,” Trump said in a position on social networks on February 5. In 2018, the president retired the United States. Comprehensive Comprehensive Action Plan nuclear agreement negotiated by the former president Barack Obama.
