US Treasury Secretary Scott Bessent announced on August 20 the launch of the « final phase » of sanctions against Iran, described as « the toughest sanctions in history », aimed at eliminating all financial transactions between Tehran and the global economy. China, which purchases more than 80 % of Iran’s oil according to 2025 data from Kpler, is the primary target of this deterrence policy targeting countries still connected to Tehran. Oil prices immediately surged given the risk of a significant portion of global crude supply being pulled from the market, particularly in case of disruption around the Strait of Hormuz, through which roughly a fifth of the world’s oil passes. A detailed press conference is scheduled for August 24 to present the specific mechanics of the new sanctions regime.
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