Bessent says U.S. likely won't restart large-scale Iran combat as it steps up economic pressure

The United States has intensified its economic pressure on Iran, with President Donald Trump announcing measures to curb the country's oil exports. According to US Treasury Secretary Scott Bessent, the economic operation is part of a broader effort to resolve a war that began nearly six months ago, alongside Israel.

Oil prices have surged in response, with Brent crude rising 2.56 per cent to about $94 a barrel and West Texas Intermediate gaining 2.57 per cent to $88.40. The Strait of Hormuz, a critical waterway for global oil and gas supplies, remains effectively blockaded, with traffic well below pre-war levels. A 60-day interim agreement between the US and Iran to reopen the strait expired on Sunday, with no plans to renew it.

President Trump has warned of economic consequences against any country that provides a "lifeline" to Iran. Bessent told CNBC that oil markets are misinterpreting the economic pressure, and that the US is unlikely to restart large-scale combat. Iranian oil exports through the Strait of Hormuz have plunged by as much as 97 per cent from their post-agreement peak, according to Kpler data.

Brief written by urgent.news from CNBC World, Al-Monitor, The National Business, The National UAE, The Hill — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.