Bessent's comments on Thursday followed President Donald Trump's threat a day earlier of "Economic Warfare" and warning of economic consequences against any country that provided "any type of lifeline to Iran."
Bessent promised details next week. Oil prices rose to more than a three-week high on Thursday following those US threats of financial penalties aimed at forcing an end to a nearly six-month-old conflict that has stranded millions of barrels of Middle Eastern oil.
"If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart," Bessent told CNBC, using a term referring to military force.
Iran’s Foreign Ministry has denounced the sanctions, describing them as “economic terrorism” and “a crime against humanity.” In a statement on Thursday, the ministry said the sanctions would not weaken Iran’s determination to defend its independence, sovereignty, and national interests.
