#scott_bessent

U.S. Treasury Official Warns No Sanctions Relief for Russia Until Ukraine War Ends U.S. Treasury Secretary Scott Bessent reportedly conveyed to Russian Finance Minister Anton Siluanov during a high-level meeting at the G20 finance ministers’ summit in Asheville, North Carolina, that no sanctions relief or new agreements with Moscow could be considered while the war in Ukraine continued. The exchange occurred on August 31, 2026, and marked a rare in-person engagement between the two officials, with Siluanov’s participation representing his first such appearance at the summit since Russia’s 2022 invasion of Ukraine. The meeting took place amid growing European pressure to isolate Russia economically, as multiple nations planned to expand sanctions measures to further strain Moscow’s financial resources. Bessent’s remarks emphasized Washington’s conditional stance on diplomatic engagement, stating that “nothing is possible until the war is over,” according to Reuters. Siluanov, during the discussion, raised potential areas of mutual interest, but Bessent made it clear that any progress on economic cooperation or sanctions relief would depend on the resolution of the conflict in Ukraine. The U.S. official’s position aligns with broader U.S. policy, which has consistently tied sanctions relief to the cessation of hostilities in Ukraine. The meeting underscored the diverging approaches between the United States and its European allies. While Washington expressed openness to reestablishing high-level diplomatic channels with Moscow, European governments have prioritized isolating Russia through expanded sanctions. This divide highlights the complexities of international diplomacy in the context of the ongoing war, with the U.S.#scott_bessent #us_treasury_secretary #russian_finance_minister #anton_siluanov #g20_summit

US irks Germany, Europe with Russian G20 invite, press bans The G20 finance ministers and central bank heads convened in Asheville, North Carolina, for a two-day summit, but the event was overshadowed by tensions over the United States’ decision to invite Russia to the meeting while excluding certain journalists. The summit, hosted by the U.S. as the current rotating G20 presidency, also faced scrutiny over Donald Trump’s ongoing trade disputes, including his conflict with Canada and the economic fallout from his war with Iran. Russian Finance Minister Anton Siluanov made an unexpected appearance at the summit, meeting with U.S. Treasury Secretary Scott Bessent. Trump defended the invitation, stating, “We like getting along with everybody,” despite the ongoing Russian invasion of Ukraine. The U.S. government reportedly informed Siluanov that economic relief for Russia would only be considered once the invasion ended. European delegates expressed strong disapproval of Russia’s inclusion. German Finance Minister Lars Klingbeil criticized the decision, calling it a “troubling signal.” Polish Finance Minister Andrzej Domanski echoed similar concerns, stating, “We do not trust Russia. They lie constantly and you need to be really, really cautious while discussing with them.” Klingbeil also condemned the exclusion of journalists, emphasizing that the press has a “completely legitimate interest” in reporting on the summit. The press bans sparked further controversy. Bloomberg News, the Wall Street Journal, and the New York Times reported being denied access or restricted from covering the event. German journalists’ union DJV challenged the exclusions, prompting Klingbeil to reiterate his stance on press freedom. U.S. Treasury Secretary Scott Bessent faced pressure to justify the restrictions, though he did not directly address the issue.#us #donald_trump #russia #scott_bessent #germany

Iran Could Face Economic Collapse in Months, US Treasury’s Bessent Warns United States Treasury Secretary Scott Bessent warned that Iran’s economy could collapse within weeks or months due to escalating U.S. sanctions, as tensions between the two nations reached their sixth month. Speaking at a G20 finance ministers meeting in Asheville, North Carolina, Bessent emphasized that Iran is taking the sanctions seriously, with the goal of creating conditions that would compel the regime to engage in negotiations. He described the Iranian government’s recent actions as a “kinetic lashing out” driven by economic losses, suggesting that the country is struggling to sustain its current trajectory. Bessent highlighted the U.S. strategy of imposing targeted sanctions on key sectors of Iran’s economy, including aviation, digital assets, gold, technology, and shipping, alongside penalties on 60 individuals and vessels linked to the regime. These measures, he argued, are part of a broader effort to isolate Iran economically and pressure it into dialogue. The European Union has also endorsed the sanctions, with the European Commission stating that it supports efforts to halt Iran’s destabilizing activities and encourage peace negotiations. The EU’s backing of the U.S.-led initiative, known as Operation Economic Outcast, underscores the transatlantic alignment on this issue. The U.S. Treasury has signaled that further sanctions are imminent, with Bessent indicating that new penalties could be announced weekly. Following recent actions against the UAE branches of Egypt’s Banque Misr for alleged financial ties to Iran, Bessent hinted at more severe measures, including the potential exclusion of entire institutions from the dollar-based financial system.#iran #scott_bessent #operation_economic_outcast #g20_meeting_asheville #united_states_treasury

Fed’s Preferred Inflation Gauge Shows Core Prices Rose 3.3% Annually in July The Federal Reserve’s primary measure of inflation, the personal consumption expenditures price index, indicated a slight rise in prices for goods and services in July. The index, which the Fed uses to guide monetary policy, increased by 0.2% on a seasonally adjusted basis for the month, pushing the annual inflation rate to 3.7%, according to the Commerce Department. Both the monthly and annual figures exceeded the Dow Jones forecast of 0.1 percentage point. When excluding volatile food and energy costs, core PCE prices rose 0.2% monthly and 3.3% annually, aligning with expectations. Federal Reserve officials typically prioritize core inflation as a more reliable indicator of long-term price trends. The report also revealed that personal income grew 0.4% in July, while spending increased 0.2%, both stronger than anticipated. Goods prices declined slightly on a monthly basis, falling 0.1%, driven by a 2.7% drop in gasoline and other energy-related items, as well as a 0.9% decrease in furnishings and durable household goods. Services prices, however, rose 0.3%, fueled by a 1.2% increase in financial services and insurance and a 0.3% gain in housing costs. Market reactions to the report included a slight pullback in stock market futures, while Treasury yields rose. Investors are closely watching the Federal Reserve as inflation remains above its 2% target, despite softer monthly readings this summer. The Fed’s rate-setting Federal Open Market Committee (FOMC) does not meet formally in August, giving officials a brief reprieve before their next gathering on September 15-16.#scott_bessent #federal_reserve #kevin_warsh #commerce_department #jackson_hole_symposium

Oil Drops as Iran Says It Has a Plan for Trump's 'Economic D-Day' Oil prices fell more than 3% on Tuesday as the U.S. shifted its approach to pressuring Iran through economic sanctions rather than military strikes. Brent crude futures, the international benchmark, dropped 3.2% to $89.20 per barrel, while U.S. West Texas Intermediate crude fell 3.3% to $82.21 a barrel. The decline marked a more than 5% drop for the week, following the U.S. government’s announcement of new sanctions targeting Iran and entities involved in its trade. Treasury Secretary Scott Bessent described the sanctions as "the single greatest financial offensive ever," framing the campaign as an "economic D-Day" aimed at crippling Iran’s economy. Bessent emphasized that the focus on economic pressure reduces the likelihood of a return to large-scale military conflict. "If we are doing the maximum economic pressure, then that means that likely there will not be a large-scale kinetic restart," he stated in an interview. Iranian Economy Minister Ali Madanizadeh countered by asserting that Tehran is "fully prepared" to endure further U.S. sanctions. Speaking on state television, he outlined a two-year plan to manage the economic challenges, claiming the government has "tools" to withstand the pressure. "We have our own tools and we know how to play the game," he said, signaling Iran’s resolve to resist the sanctions. Meanwhile, the U.S. State Department is preparing to send evacuated diplomats back to the Middle East as early as this week, according to a report by The New York Times. This move suggests Washington is not anticipating a resumption of all-out warfare, though Defense Secretary Pete Hegseth warned that the possibility of American strikes remains open.#iran #china #pete_hegseth #scott_bessent #ali_madanizadeh

US-Iran Tensions Escalate as Sanctions and Mediation Efforts Intensify The ongoing conflict between the United States and Iran has intensified, with new sanctions, geopolitical maneuvering, and escalating incidents in the Strait of Hormuz dominating global attention. The International Maritime Organization (IMO) reported 68 incidents near the critical waterway, including attacks on commercial vessels, with at least 20 fatalities. These events have disrupted oil and gas shipments, a lifeline for global energy markets. Meanwhile, the U.S. Treasury has ramped up economic pressure on Iran, warning countries to sever financial ties with Tehran or face unilateral sanctions. This campaign, dubbed an “economic D-Day” by Treasury Secretary Scott Bessent, has sparked warnings from Iran and other regional actors about potential retaliation. Iran’s Foreign Ministry spokesperson, Esmail Baghaei, condemned the U.S. sanctions, stating they would not bring peace to the region. He warned that Tehran would respond harshly, including measures against nations cooperating with Washington. The Islamic Republic’s demands for reopening the Strait of Hormuz include ending the U.S. naval blockade, withdrawing American forces, and compensating for war damages. Despite these conditions, Iran has pursued separate talks with Oman to jointly manage the waterway, regardless of U.S. involvement. The U.S. sanctions have also drawn criticism from China, which warned Washington against unilateral measures targeting Iranian firms. Beijing’s stance reflects broader concerns about the economic fallout for global trade, as the U.S. seeks to cut off Iran’s access to international markets. Meanwhile, Qatar has positioned itself as a mediator, urging dialogue to resolve tensions.#us #iran #strait_of_hormuz #scott_bessent #international_maritime_organization

How US sanctions on Iran ripple through global markets and consumers The United States has intensified economic pressure on Iran with a new wave of sanctions, framing the measures as an “economic D-Day” as tensions escalate. US Treasury Secretary Scott Bessent announced the sanctions on Monday, describing them as a critical step in the administration’s strategy to weaken Tehran’s economy. The measures, which include a naval blockade of Iranian ports, target key sectors of Iran’s economy, such as aviation, digital assets, gold, technology, and shipping, while also sanctioning 60 individuals and vessels. The goal is to cut off Iran’s access to global markets and force its trading partners to sever economic ties. The sanctions are part of a broader effort to isolate Iran, with Bessent emphasizing that the country now has “much less room” to circumvent restrictions compared to previous years. The Treasury Department alleges that Iran has used cryptocurrency and gold to bypass sanctions, enabling transactions involving the Islamic Revolutionary Guard Corps (IRGC) and other regime-linked entities. Additionally, the measures target Iran’s state-linked shipping fleet, which is accused of transporting oil and “sensitive weapons components.” Technology sanctions aim to restrict Iran’s access to materials that could support its weapons programs, while aviation sanctions focus on airlines allegedly used to transport weapons, military personnel, and financial resources to Iran’s proxies. The sanctions also impose secondary penalties on countries and entities that continue to engage in trade with Iran. Targets include ships registered in Singapore, China, and Hong Kong, as well as individuals and companies involved in “grey-zone trade.#iran #scott_bessent #us_treasury #islamic_revolutionary_guard_cors #center_for_a_new_american_security

Treasury Secretary Announces Historic Sanctions Against Iran Amid Escalating Economic Pressure Treasury Secretary Scott Bessent is set to hold a press conference on Monday to unveil sweeping sanctions against Iran, which he has described as the most severe economic campaign in history. During an interview with CNBC on Thursday, Bessent emphasized that the measures would "collapse" the Islamic Republic through coordinated economic isolation, framing the action as a decisive step in the U.S. strategy to isolate Iran. The sanctions, he claimed, represent the "toughest" measures ever imposed, with the administration demanding that U.S. allies and global partners sever economic ties with Tehran. Bessent’s remarks align with President Donald Trump’s recent threats to launch an "unprecedented scale" of economic warfare against Iran. In a post on Truth Social, Trump reiterated his administration’s intent to target the country with "the most crushing economic operation ever taken against any country." The U.S. has also warned of severe financial penalties for nations aiding Iran in evading sanctions, framing the measures as a "war" against the Islamic Republic. Bessent echoed this rhetoric, stating that the U.S. would use its "full might" to enforce compliance, with a clear message that countries must choose sides: "You are either with us or against us." Iran’s state media swiftly dismissed the U.S. threats, portraying them as an admission of military defeat. An Islamic Revolutionary Guard Corps (IRGC) spokesperson claimed the sanctions were an "implicit admission of the enemy's humiliating defeat" and asserted that Tehran possesses the means to counteract their effects.#iran #scott_bessent #truth_social #treasury_secretary #islamic_republic

Iran says new sanctions threatened by 'desperate' US will fail Iran's foreign minister dismissed the threat of new U.S. sanctions as a sign of desperation on Sunday, asserting that the expected measures would fail to defeat Tehran. The remarks came as the U.S. Treasury Secretary, Scott Bessent, prepared to announce what he called "the toughest sanctions in history" on Iran during a press conference scheduled for Monday. Iran's economy, already under immense pressure from international sanctions, has faced repeated infrastructure damage and civilian casualties from airstrikes since the U.S. and Israel launched attacks on February 28. The Iranian leadership has maintained a defiant stance despite the ongoing conflict, which has brought shipping in the Strait of Hormuz to a near standstill. This critical waterway, vital for global oil shipments, has been effectively blockaded by Iran, which refuses to allow unauthorized oil tankers to transit. The disruption has contributed to a rise in global oil prices. Iran's foreign minister emphasized that Washington must engage in respectful dialogue to find a "solution based on justice and honour," stating that all previous U.S. actions—whether blockades or military moves—had failed. President Donald Trump warned of economic consequences for any country providing "any type of lifeline to Iran," while urging China, which purchases over 80% of Iran's exported oil, to cooperate with Washington. China has called for diplomatic solutions, though details remain unclear. Meanwhile, Pakistan's army chief, Asim Munir, is set to visit Tehran as part of mediation efforts to restore regional peace. A Pakistani government source indicated that Munir would address recent developments, including the U.S. sanctions threat.#iran #strait_of_hormuz #masoud_pezeshkian #scott_bessent #asim_munir

High Turnover of Trump's Treasury Appointees Sparks Concern Over Compliance Issues Nearly half of the Senate-confirmed Treasury officials appointed by President Donald Trump have resigned or been dismissed, marking a significant exodus linked to the administration’s demands for compliance with controversial tax policies. According to the nonpartisan Partnership for Public Service, seven of the 16 appointees—approximately 44 percent—have left their posts, a rate far exceeding historical norms. This turnover has drawn criticism from former officials and experts, who argue that the pressure to bend or break tax laws has pushed appointees beyond legal boundaries. The scale of departures contrasts sharply with previous administrations. During the George W. Bush, Barack Obama, Joe Biden, and Trump’s first term, no Senate-confirmed appointees had left their roles by the same stage in their terms. The current administration’s record under Secretary Scott Bessent has seen unprecedented churn, with former officials attributing the exodus to demands for actions that violate standard tax regulations. These include sharing confidential taxpayer data for an immigration crackdown, creating a $1.8 billion fund to compensate allies in exchange for dropping IRS audits of Trump and his family, and resisting political interference in audit processes. Key figures involved in the departures include John Hurley, a Trump donor and undersecretary for terrorism and financial intelligence, who resigned after raising constitutional concerns about a crackdown on international payments from Minneapolis. Ken Kies, an assistant Treasury secretary and acting IRS chief counsel, was dismissed for opposing political interference in audits.#president_donald_trump #scott_bessent #john_hurley #ken_kies #billy_long

Bond Market Pressures Mount as Walmart Drags US Stock Market Lower A surge in oil prices on Thursday intensified concerns about inflation and bond market yields, erasing some of the relief created by the U.S. Treasury Department’s earlier intervention. The rise in oil prices, coupled with a drop in Walmart’s stock following its latest earnings report, contributed to a broader decline in the U.S. stock market. The S&P 500 fell 0.4%, marking its fourth consecutive loss in a five-day span since hitting an all-time high. The Dow Jones Industrial Average dropped 424 points, or 0.8%, while the Nasdaq composite declined 0.7%. The bond market remained a focal point as yields climbed amid worries about inflation, mounting government debt, and other macroeconomic factors. Treasury Secretary Scott Bessent’s announcement on Wednesday to double the size of the department’s planned purchases of longer-term Treasurys from Sept. 9 through Nov. 4 temporarily eased pressure on yields. This move helped push the 10-year Treasury yield down after it had reached its highest level in over a year and the 30-year yield returned to its 2007 level, a period before the Great Recession. High yields, however, pose risks by increasing borrowing costs for individuals, businesses, and the government, while also potentially undermining stock prices. Analysts warned that the Treasury’s intervention may have only short-term effects, given the relatively small scale of the purchases compared to the overall size of the Treasury market. Additionally, new signals quickly reignited investor concerns. The U.S. national debt surpassed $40 trillion on Wednesday, a record that followed the debt exceeding $39 trillion in April. This reflects persistent budget deficits as Washington continues to spend more than it collects in revenue.#donald_trump #persian_gulf #scott_bessent #walmart #treasury_department

Treasury Doubles Debt Buybacks to Stabilize Bond Market Amid Yields Surge The U.S. Treasury Department announced on Wednesday it will more than double the scale of its government debt repurchase operations, targeting the longer-duration segment of the bond market to address liquidity concerns and stabilize yields. The move comes amid heightened market stress, with bond yields surging to levels not seen in nearly two decades. The decision to increase buybacks from $2 billion to at least $4 billion per month is expected to provide immediate relief to investors and curb the upward pressure on yields. The accelerated buyback program, set to begin on September 9 and last through November 4, will focus on the 10- to 20-year and 20- to 30-year portions of the Treasury market. These segments have faced significant selling pressure since late June, as investors have grown wary of holding long-duration bonds amid concerns about inflation and economic growth. The Treasury emphasized that the expanded operations reflect its commitment to supporting liquidity in sectors with strong market participation, citing the high volume of quality offers received during previous buyback rounds. The announcement immediately triggered a sharp decline in bond yields, with the benchmark 10-year Treasury note falling 6 basis points to 4.647% and the 30-year "long" bond dropping 9 basis points to 5.196%. Yields and bond prices move in opposite directions, so the steep declines in prices signaled a dramatic shift in investor sentiment. Meanwhile, stock market futures surged, reflecting optimism about the Treasury’s intervention to ease financial market pressures. Economists and market analysts have weighed in on the implications of the policy.#scott_bessent #federal_reserve #treasury_department #evercore_isi #harvard_university

Trump says Iran will be 'hit very hard' if Hormuz Strait not open soon as oil prices fall The United States president, Donald Trump, warned that Iran would face severe consequences if the Strait of Hormuz remained closed, as global oil prices dropped to a three-week low. Speaking to Fox News, Trump emphasized that the waterway would open "very soon" or Iran would be "hit very hard," following recent discussions between U.S. officials and Iranian representatives. The comments came amid ongoing tensions over the strait's closure, which has disrupted oil shipments and contributed to volatile market conditions. Oil prices fell sharply as news of potential progress in resolving the dispute spread. Brent crude, the global benchmark, dropped nearly 5% to below $80 per barrel on Tuesday, while U.S. West Texas Intermediate prices fell over 5% to $76, reaching their lowest levels since July 13. The decline followed reports that talks between the U.S. and Iran had advanced, with Secretary of State Marco Rubio and Treasury Secretary Scott Bessent indicating that a deal to resume shipments through the strait could be reached soon. U.S. Central Command (CentCom) confirmed that the southern route through the Strait of Hormuz remained open for commercial vessels, though the conflict over the waterway has created significant uncertainty. Rubio stated that progress had been made in negotiations with Iran and Oman, but no final agreement had been reached. Bessent suggested a deal could be finalized as early as Wednesday, though details of the potential agreement remained unclear. Iran has consistently denied direct negotiations with the U.S., instead engaging with Oman as a mediator. A foreign ministry spokesman noted that talks with Oman on a new mechanism for vessel passage through the strait had been positive.#iran #donald_trump #strait_of_hormuz #marco_rubio #scott_bessent

US Mint to Begin Striking Dollar Coin Featuring Trump Treasury Secretary Scott Bessent announced on July 15, 2026, that the U.S. Mint will begin producing a new $1 commemorative coin featuring President Donald Trump to mark the 250th anniversary of the signing of the Declaration of Independence. The coin, which will have a gold-like finish but not be made of actual gold, is set to be available in the fall. Bessent described the design as a tribute to "the enduring legacy of liberty and a lasting symbol of patriotism," emphasizing its role in celebrating "the strength of American values" and "the promise of a nation dedicated to preserving freedom for all." The decision has raised legal and procedural concerns. The U.S. Mint’s design review process typically involves the Citizens' Coin Committee (CCC), which is tasked with evaluating proposed designs. However, members of the CCC, including numismatist Donald Scarinci and coin collector Kellen Hoard, claimed they were never provided with the Trump coin design for review. Scarinci, a long-time committee member, stated that the Mint made only a few last-minute attempts to present the design in November and December 2025, but the committee never had a formal opportunity to assess it. Hoard, representing the general public on the committee, noted that the CCC was not given a chance to weigh in on the coin’s design or the selection of the Semiquincentennial series of quarters. During a February meeting, Hoard questioned Mint Chief Counsel Greg Weinman about the legality of the coin’s production, asking whether the Mint could proceed without the committee’s review. Weinman responded that the Mint had made efforts to involve the CCC but that the committee had chosen not to review the design.#donald_trump #scott_bessent #us_mint #treasury_secretary #citizens_coin_committee

US Mint to Begin Producing $1 Coins Featuring Trump The U.S. Mint announced on Wednesday that it will start producing one-dollar coins featuring a portrait of former President Donald Trump, marking the first time a living individual will appear on U.S. currency. Treasury Secretary Scott Bessent confirmed the decision in a social media post, stating the coins are part of a commemorative effort for the nation’s semiquincentennial anniversary, which celebrates 250 years of American independence. The design includes Trump’s portrait on the obverse side, with the reverse side depicting the presidential seal and the number “250” inscribed on the shield. Bessent described the coin as a tribute to “the strength of American values” and the country’s commitment to “preserving freedom for all.” The move has sparked debate over legal precedents, as federal laws typically prohibit living people from appearing on U.S. currency. A 1866 statute explicitly bans living individuals from paper money, though it does not specifically address coinage. Additionally, the 2007 Presidential $1 Coin Program barred living presidents and those who had died within two years from being featured on coins. However, a 2020 bipartisan law authorized the Treasury Secretary to issue dollar coins in 2026 with designs “emblematic of the United States semiquincentennial.” While the law states that no person, living or dead, can be included on the reverse side of the coin, some legal experts argue it may allow for Trump’s portrait to remain on the obverse. The final design represents a significant departure from an earlier draft, which had featured Trump on both sides of the coin.#donald_trump #scott_bessent #us_mint #semiquincentennial_anniversary #treasury_secretary

Trump Administration Live Updates: Bessent Faces Reporters in White House Press Briefing Treasury Secretary Scott Bessent addressed reporters at the White House press briefing, emphasizing his confidence in the administration’s economic strategy amid rising inflation and geopolitical tensions. Bessent, who recently met with Kevin Warsh, the newly appointed chair of the Federal Reserve, stated that inflation would decline once the Iran conflict concludes. He also hinted at the Treasury’s preparation of a mockup for a $250 bill featuring President Trump’s portrait, though he stressed that such a move would require congressional approval. Bessent deferred questions about a proposed “anti-weaponization fund” to the Department of Justice, citing ongoing legal reviews. The briefing coincided with alarming inflation data, as a key measure of inflation accelerated to a three-year high, intensifying pressure on the Federal Reserve to address persistent price pressures. The Personal Consumption Expenditures index rose 3.8% annually in April, the fastest pace since May 2023, while core inflation—excluding volatile food and energy prices—increased by 3.3%, the highest level since November 2023. Monthly inflation data showed a slight slowdown, with overall prices rising 0.4% and core prices up 0.2%, but these figures underscored the broader challenge of stabilizing the economy amid the Iran conflict’s impact on global energy markets. The war, which began in late February, has severely disrupted energy supplies, driving up prices and complicating the Fed’s approach to inflation. While the central bank has historically “looked through” supply shocks, recent tensions have raised questions about the viability of this strategy. Federal Reserve officials, including New York Fed President John C.#scott_bessent #federal_reserve #trump_administration #iran_conflict #kevin_warsh

Iran War: Trump’s Hormuz Blockade Tests U.S. Ties with China and India The U.S. blockade of the Strait of Hormuz has intensified diplomatic tensions with two key Asian allies—China and India—as Washington’s maximum pressure campaign on Iran risks destabilizing fragile relationships. The move, which has disrupted global oil flows, has exposed vulnerabilities in both nations’ energy dependencies while raising concerns about potential miscalculations that could escalate into a crisis. The blockade, part of President Donald Trump’s broader strategy to pressure Iran, has had a dual impact. While it aims to cripple Tehran’s economy by cutting off oil exports, it has also created ripple effects across Asia. China, which relies heavily on Iranian oil, has faced criticism for its stance, while India, a major importer of Middle Eastern energy, has found itself caught between U.S. policy and its own economic interests. China’s exposure to the crisis remains more manageable than that of other major economies. With roughly 98% of Iranian oil exports bound for Beijing, the nation’s vast oil reserves and diversified energy mix have provided a buffer. Maritime intelligence firm Windward estimates that over 157.7 million barrels of Iranian crude were en route to China as of Tuesday, underscoring the scale of the disruption. Analysts note that China’s strategic stockpiles, combined with barrels in transit, cover more than 120 days of net imports. This allows the country to absorb the shock by shifting to alternative sources like coal, according to Dan Wang of Eurasia Group. However, the U.S. Treasury Secretary, Scott Bessent, accused China of being an “unreliable global partner,” criticizing Beijing for hoarding oil supplies instead of easing the global energy crunch.#donald_trump #china #strait_of_hormuz #scott_bessent #guo_jiakun

Treasury yields climbed on Friday as investors grew concerned that the Federal Reserve may not cut interest rates this year, amid fears that the escalating conflict in the Middle East could push inflation higher. The 10-year Treasury yield, a key indicator for U.S. government borrowing, rose nearly 10 basis points to 4.38%, while the 2-year note yield, more sensitive to short-term rate decisions, increased by almost 6 basis points to 3.89%. Even the 30-year bond yield, which typically reflects long-term expectations, surged nearly 10 basis points to 4.95%. A basis point equals 0.01%, and bond yields and prices move inversely to one another. The sell-off in Treasury bonds followed overnight strikes between Iran and Israel, with Iran launching new attacks on energy sites in Kuwait and the Persian Gulf. The lack of a resolution to the conflict has led investors to anticipate a more aggressive stance from the Fed, as rising global oil prices complicate the economic outlook. Ross Mayfield, an investment strategist at Baird, told CNBC that the domestic economic environment has become less favorable for rate cuts, with markets effectively removing all expectations of Fed easing this year. Instead, traders are now pricing in a 20% chance of a rate hike in June, according to the CME FedWatch tool, which calculates probabilities based on interest rate futures. European central banks also maintained steady rates this week as policymakers grappled with the war’s impact, with markets increasingly anticipating rate increases to curb inflation. Oil prices, however, dipped slightly on Friday, with U.S. West Texas Intermediate crude falling 1.2% to $94.99 per barrel and Brent crude, the global benchmark, declining 1.3% to $107.28. Prices had previously dropped to around $72.50 per barrel before the conflict escalated.#iran #israel #scott_bessent #federal_reserve #baird

US Temporarily Allows Sale Of Russian Oil At Sea Amid Middle East Conflict The United States has temporarily permitted the sale of Russian crude oil and petroleum products already at sea, according to a statement from the Treasury Department. The authorization, issued on Thursday, allows the delivery and sale of oil loaded on vessels on or before 12:01 am Eastern Time on March 12, through 12:01 am on April 11. This decision follows a similar temporary permit granted to India for stranded Russian oil sales earlier this month. The move comes amid escalating tensions in the Middle East, where a war between Iran and Israel has disrupted global energy markets. The conflict has severely impacted the Strait of Hormuz, a critical shipping route through which approximately a fifth of the world’s oil transits. Energy prices have surged as a result of the instability, prompting the U.S. to take steps to stabilize global supply. Treasury Secretary Scott Bessent stated that the authorization aims to "increase the global reach of existing supply" and "promote stability in global energy markets." However, he emphasized that the measure is a "narrowly tailored, short-term" action designed to avoid providing "significant financial benefit" to the Russian government. Bessent noted that Russia’s primary revenue source remains taxes assessed at the point of extraction, not the sale of oil at sea. The decision reflects broader U.S. efforts to balance economic pressures with sanctions against Russia over its invasion of Ukraine. While the Treasury’s license eases restrictions on specific oil shipments, it does not signal a broader relaxation of sanctions. Bessent’s remarks also highlighted the administration’s focus on maintaining low energy prices amid the conflict, though the effectiveness of such measures remains uncertain.#iran #israel #strait_of_hormuz #scott_bessent #treasury_department

US President Donald Trump suggested the United States could take steps to ease pressure on global oil markets amid escalating tensions in the Gulf, including temporarily allowing India to continue purchasing Russian crude. Speaking to reporters aboard Air Force One, Trump responded to questions about Washington’s decision to permit certain Russian oil sales to India following the announcement by US Treasury Secretary Scott Bessent. “If there were some, I would do it just to take a little of the pressure off,” Trump said, referencing potential measures such as using the US Strategic Petroleum Reserve (SPR). He emphasized that global oil supply remained strong despite the crisis, stating, “I think that the oil pressure—there’s a lot of oil. We’ve got a lot of oil. Our country has a tremendous amount and there’s a lot of oil out there. That’ll get healed very quickly.” The US granted a temporary waiver allowing India to purchase Russian oil after shipping routes through the Strait of Hormuz were disrupted due to the ongoing conflict in the Gulf. Bessent explained that the waiver was intended to stabilize global supply during the crisis, noting, “We had asked them to stop buying sanctioned Russian oil this fall. They did. They were going to substitute it with US oil,” but added that the waiver was a short-term measure to prevent sharp rises in global oil prices. The waiver, which permits India to accept Russian oil for 30 days, reflects Washington’s effort to balance geopolitical tensions with economic stability. India’s energy situation remains stable, with government sources stating the country is reviewing its energy situation twice daily and remains in a “very comfortable position” regarding energy security.#iran #strait_of_hormuz #scott_bessent #us_president_donald_trump