US Treasury Secretary Scott Bessent said in a Fox News interview that since the US lifted sanctions on Iranian oil, only China—which already purchased it—has bought it, and at a discount. Bessent noted other potential buyers fear Washington could reimpose sanctions, a concern he said is driving Tehran to negotiate with the US.
US Treasury Secretary Scott Bessent said in an interview with Fox News on Wednesday that since the Biden administration lifted sanctions on Iranian crude oil exports, only China has purchased it — and at a discount. Bessent noted that even countries that would normally buy Iranian oil are holding back, wary that Washington could reimpose restrictions, and added that this very fear is one reason Iran is engaging in negotiations with the United States.
As The Zioneer has reported, the sanctions-relief framework began taking shape in mid-June, with Iran resuming oil exports after a US-Iran deal was confirmed on June 16. In subsequent weeks, US officials — including Energy Secretary Chris Wright — acknowledged that the sanctions regime had become ineffective. Bessent's remarks mark the sharpest confirmation yet that the policy shift has so far benefited only Beijing, the oil's existing buyer, and has done little to broaden Iran's market access.
The Iranian foreign ministry initially confirmed the lifting of sanctions on June 18, but Bessent's characterization suggests the administration views the concession as a reversible lever — a 'carrot,' as he put it in a prior statement on June 25 — rather than a permanent change in posture. No other countries have stepped forward to purchase Iranian crude since the relief went into effect.
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