Texas oil rises 2.33% after Bessent's statements on Iran

The price of West Texas Intermediate (WTI) crude oil saw a significant increase of 2.33%, reaching $87.83 per barrel. This rise occurred after U.S. Treasury Secretary Scott Bessent issued strong warnings regarding potential sanctions against Iran.

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maximum economic pressure

In an interview, Bessent stated that Washington would not resume attacks on Iran but would instead implement a "maximum economic pressure" campaign. He referenced Venezuela and Cuba as examples where a combination of "blockade" and sanctions had yielded results. Bessent emphasized the U.S. goal of imposing "the largest coordinated campaign of economic isolation in the history of the world" against Iran.

To achieve this, the U.S. intends to rally its allies, presenting them with a clear "with us" or "against us" choice. The Treasury Secretary asserted that the U.S. would utilize its full capacity and strength against any entities conducting business with Tehran. He specifically mentioned that the U.S. would sanction financial transfers or oil purchases involving Iran, noting that some countries are engaging in "ship-to-ship transfers at sea."

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the largest coordinated campaign of economic isolation in the history of the world

This development follows President Donald Trump's recent announcement of a new economic offensive against Iran, which he described as the most impactful operation ever undertaken against a nation. The objective is to cut off the Islamic Republic's financial and economic support channels. Additionally, the United Arab Emirates recently suspended all commercial, trade, and financial transactions with Iran until further notice, following the detection of two Iranian ballistic missile launches toward its territory.

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with us" or "against us