Bessent Warns China Over Iran Oil Purchases
US Treasury Secretary Scott Bessent has vowed an 'economic D-Day' for countries that buy oil from Iran, specifically targeting China as the primary buyer. China purchases around 90% of Iran's exported oil, providing tens of billions of dollars in annual revenue to support the country's government budget and military activities.
According to analysis, Tehran shipped $3.9-$4.2 billion worth of oil in September 2025, with China being the main beneficiary. Bessent warned that sanctions will be imposed on entities and individuals who continue to do business with Iran, but did not announce broad measures aimed at specific nations.
Chinese Foreign Ministry spokesman Lin Jian responded by saying that 'sanctions and pressure tactics do not help in resolving issues' and hinted that China could take its own measures to safeguard its interests. China has already reduced its Iranian oil intake, with imports averaging around 700,000 barrels per day compared to 1.4 million before the war.
The US sanctions could have far-reaching consequences for global energy markets and American consumers, who may see higher gas prices due to increased costs. The Strait of Hormuz is a focal point of the Iran war, with 38% of China's oil and 23% of its liquefied natural gas transiting through the area.