Story perspectives

US Intensifies Economic Pressure on Iran, Blocks Oil Imports

4/18/2026

Center

US Intensifies Pressure

The United States intensified economic pressure on Iran amid negotiations to end the war begun in late February.
Treasury Secretary Scott Bessent announced the U.S. will not renew waivers for Iranian oil purchases.
The move is expected to curb China's imports of Iranian oil.
The U.S. military blocked Iranian ports, stopping vessels from passing the Strait of Hormuz, as Pakistan-mediated talks continue.

Left

China Defends Banks

China condemned U.S. threats to impose secondary sanctions on two Chinese banks as illegal and unauthorized by the UN Security Council.
Chinese Foreign Ministry spokesperson Guo Jiakun said China opposes unilateral sanctions.
The response followed a warning by U.S. Treasury Secretary Scott Bessent that sanctions could occur if Iranian funds are traced through banks.
Bessent noted China previously imported over 90% of Iranian oil, about 8% of its energy needs.

History

Historical Context

Since the 1979 Iranian Revolution, the U.S. has imposed various sanctions on Iran, intensifying in 2012 when oil exports plummeted by over 50% due to stringent measures. These sanctions have severely impacted Iran's economy, leading to inflation and high unemployment. Today, the U.S. continues to exert economic pressure, while China, which relies on Iranian oil for 8% of its energy needs, condemns these unilateral actions.

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US Intensifies Pressure

The United States intensified economic pressure on Iran amid negotiations to end the war begun in late February.
Treasury Secretary Scott Bessent announced the U.S. will not renew waivers for Iranian oil purchases.
The move is expected to curb China's imports of Iranian oil.
The U.S. military blocked Iranian ports, stopping vessels from passing the Strait of Hormuz, as Pakistan-mediated talks continue.

1 / 3