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

U.S. Treasury Secretary Scott Bessent announced on Thursday that he would hold a press conference on Monday to discuss the U.S. response to Iran. President Donald Trump had warned on Wednesday of economic consequences against any country providing support to Iran as the U.S. seeks to resolve a war it began alongside Israel nearly six months ago.

Bessent told CNBC that oil prices had risen to three-week highs and that the market might be misinterpreting the economic pressure. He stated that if the maximum economic pressure is applied, there is unlikely to be a large-scale military restart. Bessent also hinted at potential military action against China for its involvement with Iran, emphasizing that the Chinese rely heavily on energy imports from the Gulf.

Trump had promised "Economic Warfare and Isolation on an unprecedented scale" on Wednesday, though the specifics were unclear. The U.S. has been imposing continuous economic sanctions on Iran since the 1979 Islamic Revolution, and Iranian Foreign Minister Abbas Araqchi accused Trump of trying to divert attention from domestic financial issues, including a massive national debt and rising interest rates.