The United States has announced plans to cut Iran’s oil exports by more than 90% as part of former President Donald Trump’s revived “maximum pressure” campaign, Treasury Secretary Scott Bessent said on Friday.

Speaking to Fox Business, Bessent stated that Washington aims to bring Iran’s exports down to 100,000 barrels per day, a level seen during Mr Trump’s first term. Currently, Iran exports between 1.5 million and 1.6 million barrels daily.

The move follows Mr Trump’s recent directive for the Treasury Department to impose stringent economic measures on Tehran, mirroring policies from his first administration. During that period, Iran’s oil exports fell from three million barrels per day in 2017 to around 400,000 in 2019.

Bessent warned that restoring “Trump 1.0 levels” would cause severe economic hardship for Iran, citing inflation and a growing budget deficit. He also claimed Iran’s oil revenues fund “terrorist activity.”

The US has already sanctioned three oil tankers, and further measures targeting Russian energy exports remain under consideration. The State Department has also been directed to modify or revoke sanctions waivers.

Experts suggest that enforcing near-total reductions in Iran’s exports would require targeting intermediaries and major buyers like China and India. Bessent singled out both countries, calling their purchase of Iranian oil “unacceptable.”

Iranian Foreign Minister Abbas Araghchi rejected any negotiations under such conditions, stating that talks conducted from a weak position amount to “surrender.”