"I thought that oil prices would go much higher." Bessent said he's confident the suspension of sanctions on Iran will benefit the U.S. economy in the long run.

On January 29, 2026, representatives of Iran, China, and Russia reportedly signed a trilateral agreement described as focusing on economic cooperation, military coordination, and joint opposition to Western sanctions. The reported terms also allegedly emphasize nuclear sovereignty within the context of Iran's existing commitments under the 2015 Joint Comprehensive Plan of Action.

Iran’s economy remains structurally dependent on the oil sector, which serves as a primary source of revenue and influences foreign relations. This reliance is rooted in historical developments dating back to the early 20th century, following initial discoveries in the Masjid-i-Suleiman region.

Iranian officials stated that their nation and Oman have reached an agreement on the division of the Strait of Hormuz and its associated revenues, though the IRGC warned that the waterway will remain closed if the United States does not comply with specific demands.

This development follows several weeks of negotiations amid a near-total halt in maritime traffic, which has disrupted significant portions of global oil and gas shipments and contributed to rising energy prices.