Treasury Secretary Scott Bessent defended the relaxation of sanctions on Iranian oil and the U.S. military strikes on Tehran’s infrastructure Last week, the Treasury Department relaxed certain sanctions on Iran, thereby permitting the sale of Iranian oil that was previously stranded at sea. On Sunday, Bessent, on “Meet the Press” on NBC News, explained that this move was designed to tackle the escalating energy costs. He also announced that this decision is expected to introduce approximately 140 million barrels of oil into the global markets, thereby relieving temporary supply pressures instigated by Iran. Despite the ongoing conflict, the decision to economically empower Iran was questioned by some experts. To this, Bessent responded that the oil was always meant to be sold to China at a discounted rate. He referred to the decision as “jujitsuing the Iranians” by turning their own oil against them. When questioned about the potential impact on consumer prices, Bessent refrained from providing a specific timeline but said, “50 days of temporary elevated prices, prices will come off on the other side for 50 years of not having an Iranian regime with a nuclear weapon.” Iran Conflict Sparks Full-Spectrum Shock The Iran conflict, now 21 days old, has led to unprecedented changes across all major asset classes, including commodities, equities, and bonds. This systemic repricing, compressed into a matter of weeks, is not just an oil story but a full-spectrum energy shock. At 5:15 am ET, Brent crude oil was trading 1.97% higher at $108.51 per barrel. Meanwhile, the average gas prices climbed to $3.956 and diesel to $5.81 per gallon, as per AAA. Meanwhile, the standoff with Iran is now intertwined with a tactical question: whether Washington will transition from air and sea pressure to a physical hold on Iran’s key export node. This comes after Donald Trump‘s warning to Iran’s leaders to reopen the Strait of Hormuz or face U.S. strikes on power plants. On this, Bessent called the campaign on Iran successful and said that Trump “is leaving all options on the table.” The Treasury Secretary stated that escalation in military actions is sometimes a prerequisite for de-escalation. He stood by the Trump administration’s stance, asserting that such language is the only one “the Iranians understand.” Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor. Photo courtesy: Shutterstock © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. To add Benzinga News as your preferred source on Google, click here.
Treasury Secretary Scott Bessent defended the relaxation of sanctions on Iranian oil and the U.S. military strikes on Tehran’s infrastructure Last week, the Treasury Department relaxed certain sanctions on Iran, thereby permitting the sale of Iranian oil that was previously stran…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.