US Treasury urges China to support proposed Iran sanctions, citing lower energy prices as incentive

US Treasury Secretary Scott Bessent made a pointed appeal to China during a CNBC interview, urging Beijing to back Washington’s sanctions push against Iran. His pitch was surprisingly simple: help us squeeze Tehran, and you’ll get cheaper oil in return. The ask comes as the US intensifies economic pressure on Iran over its nuclear and missile programs, with the Strait of Hormuz sitting at the center of the geopolitical chess match. Roughly 20 million barrels of oil pass through that narrow waterway every day, accounting for about 20% of global petroleum liquids consumption. China’s awkward position as Iran’s top oil customer The reason Bessent is directing his message at Beijing specifically is straightforward: China accounts for over 90% of Iranian oil purchases in recent periods. As other buyers backed away from Iranian crude to avoid US sanctions exposure, Chinese firms filled the gap. When asked whether the US might directly target China for doing business with Iran, Bessent played it diplomatic, saying those conversations were better handled privately. But the public nudge was hard to miss. “Get with the programme” is not the language of a man planning to let the issue slide. ...