US Treasury Secretary Scott Bisent said that China is currently the only country buying Iranian oil, noting that potential buyers fear the US will reimpose sanctions on them.
In an interview with Fox News, Bessent noted that the Iranians were unable to sell their oil because buyers feared sanctions, adding that Tehran was trying to sell oil at discounted prices, but its profits remained very small as a result.
He also noted that there is close monitoring of the performance of oil companies to determine whether they are engaging in any kind of price manipulation amid market fluctuations.
Bisent stressed that the US administration is closely monitoring Iranian oil trade movements and will remain firm in enforcing sanctions to prevent evasion, emphasizing that these pressures will continue until Iran complies with international conditions related to its nuclear program.
He predicted that the jobs data for June would be "very strong," indicating continued momentum in the US labor market despite current economic challenges, and said he would not be surprised if the data showed strong growth.
