The Trump administration is intensifying its economic pressure on Iran, aiming to shut down the country’s oil industry and cause a complete economic collapse, Treasury Secretary Scott Bessent said on Thursday. Speaking at the Economic Club of New York, Bessent outlined the administration’s aggressive strategy to reduce Iran’s oil exports, which currently stand at 1.5 million barrels per day, to nearly nothing.  

 

“We are going to shut down Iran’s oil sector and drone manufacturing capabilities,” Bessent stated, emphasizing that the U.S. intends to isolate Tehran from the international financial system as part of its broader sanctions campaign. He warned that the economic consequences for Iran would be severe. “If I were an Iranian, I would get all my money out of the rial now,” he added, referring to Iran’s struggling currency.  

 

Bessent’s comments had an immediate impact on the global oil market. Following his speech, prices for U.S. crude oil and the global benchmark Brent crude turned positive. West Texas Intermediate rose 5 cents, closing at $66.37 per barrel, while Brent increased by 16 cents to settle at $69.46.  

The administration’s approach is part of President Donald Trump’s “maximum pressure” campaign, which aims to cripple Iran’s economy through sanctions. “Making Iran broke again will mark the beginning of our updated sanctions policy,” Bessent stated.  

 

The latest round of sanctions followed a presidential memorandum signed by Trump on February 4, reimposing economic pressure on Iran. Two days later, the U.S. Treasury Department targeted an international network that was facilitating Iranian oil shipments to China, further tightening the financial squeeze on Tehran.  

 

Meanwhile, the global oil market has been experiencing volatility. On Wednesday, crude oil prices dropped to multi-year lows as investors reacted to Trump’s tariffs on Canada, Mexico, and China, which raised concerns about slower economic growth and weakened oil demand. Additionally, OPEC+ confirmed that it would gradually reintroduce 2.2 million barrels per day to the market starting in April.  

 

Analysts from JPMorgan, led by Natasha Kaneva, noted in a report to clients that the potential decline in Iranian oil supply remains the most significant bullish factor for global oil prices.  

 

Despite the harsh sanctions, Trump has expressed his willingness to negotiate a new nuclear deal with Iran. “I would much prefer a Verified Nuclear Peace Agreement, which will let Iran peacefully grow and prosper,” he stated in a social media post on February 5. However, in 2018, he withdrew the U.S. from the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal brokered under former President Barack Obama, leading to the current standoff between Washington and Tehran.  

 

CNBC has reached out to Iran’s UN Mission for a response to Bessent’s remarks, but no comment has been provided yet. As tensions continue to rise, the impact of U.S. sanctions on Iran’s economy and global oil markets will remain a critical issue in the months ahead.

 

Based on a report by CNBC  2025-03-10

 

 

55 minutes ago, Social Media said:

. “I would much prefer a Verified Nuclear Peace Agreement, which will let Iran peacefully grow and prosper,” he stated in a social media post on February 5. However, in 2018, he withdrew the U.S. from the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal brokered under former President Barack Obama, leading to the current standoff between Washington and Tehran.  

A more pragmatic approach would have been to simply change the name of the JCPOA to the ‘Trump Deal’ and leave it in place.

 

But that would have denied the dullard the opportunity to demonstrate everything he touches dies.

Another reason why America is hated all over the world. They just can’t stop bullying other countries. No matter, karma will strike back, sooner or later.

5 minutes ago, Gweiloman said:

Another reason why America is hated all over the world. They just can’t stop bullying other countries. No matter, karma will strike back, sooner or later.

No, it wont. We rule.

 

But, are you hoping for war, chaos and death in the USA? Could we therefore conclude you are our enemy?

5 minutes ago, Gweiloman said:

Another reason why America is hated all over the world. They just can’t stop bullying other countries. No matter, karma will strike back, sooner or later.

Youll probably be dead by then

Just now, Yagoda said:

No, it wont. We rule.

 

But, are you hoping for war, chaos and death in the USA? Could we therefore conclude you are our enemy?

He is a white guy who thinks hes chinese

2 minutes ago, Yagoda said:

No, it wont. We rule.

 

But, are you hoping for war, chaos and death in the USA? Could we therefore conclude you are our enemy?

 

8 minutes ago, Gweiloman said:

Another reason why America is hated all over the world. They just can’t stop bullying other countries. No matter, karma will strike back, sooner or later.

American magas are the nicest people outside of Thais.

All these threats will only intensify Iran push to have their own nuclear weapons. Diplomacy is still the right way. Iran have been heavily sanctioned by US for many years but still manage to get by. They can still export their oil to BRICs and European countries. Sanctions will not work unless Hegseth is talking about bombing their oil facilities. That will be very stupid but we never know. He has a stupid boss. 

46 minutes ago, Yagoda said:

No, it wont. We rule.

 

But, are you hoping for war, chaos and death in the USA? Could we therefore conclude you are our enemy?

Tell that to the families of the people that were in the twin towers. The irony of which was that terrorists leadership were the Yanks allies in Afghanistan. Karma baby!!!

17 minutes ago, pegman said:

Tell that to the families of the people that were in the twin towers. The irony of which was that terrorists leadership were the Yanks allies in Afghanistan. Karma baby!!!

Translation: Im a conspiratorial America hater.

 

Thanks for outing by the way.

34 minutes ago, Eric Loh said:

All these threats will only intensify Iran push to have their own nuclear weapons.

Iran wont be here that long. I give it two weeks before the nuclear places and all IRG facilities are a smoking ruin

2 hours ago, Harrisfan said:

 

American magas are the nicest people outside of Thais.

What happens when the American magas people get inside of Thais?

To remain in power, Auatollahs soon will negotiate with the US. Obviously 🤔

I'm far from a Trump fan, but I have no problem with that. Hit em where it hurts. In the pocketbook.

What needs to happen is "help the Iranian people" accomplish their dream by "Removing with prejudice" the current leadership in Iran.

 

"Are the Iranian people happy with their government?

The people of Iran are vastly pro-Western and openly long for freedom and democracy but are met with brutal and violent suppression any time they rise up and demand their basic human rights, whether in the 1999 student protests, the 2009 Green Movement, or the most recent protests of 2019."

 

https://2017-2021.state.gov/the-islamic-republic-of-iran-a-dangerous-regime/

 

Kind of makes one wonder where all the protesters are around the human rights violations for the past 2+ century's.