US prepares historic sanctions push to collapse Iranian regime and open Hormuz

"Regarding the Iran issue, sanctions and pressure do not help resolve the problem. China calls on the relevant parties to take responsible actions and resolve the issue through political and diplomatic means," a spokesperson for China's embassy in Washington said in response to Bessent's comments.

China buys more than 80 per cent of Iran's shipped oil, according to 2025 data from analytics firm Kpler. If the US engaged in further economic warfare with China, a major exporter to the US, including vital rare-earth minerals, it would risk retaliation.

Iran has weathered punishing economic sanctions for nearly 50 years, since the Islamic Revolution of 1979. Iranian Foreign Minister Abbas Araqchi called Trump's comments an attempt to divert American public opinion from domestic financial problems, including record debt and rising interest rates.

"I think oil markets are misinterpreting what this economic pressure means," Bessent said on Thursday. Oil prices climbed to more than three-week highs on Thursday.