Scott Bessent responds to claim that Iran has made $14 billion due to ongoing war

Treasury Secretary Scott Bessent faced sharp questioning from a Senate subcommittee regarding the administration's decision to ease oil sanctions during the ongoing conflict with Iran. Responding to claims from Senator Chris Coons that Iran has generated $14 billion in revenue since the war began, Bessent dismissed the figure as a "myth," asserting that he "couldn't disagree more" with the premise that temporary sanctions relief has been counterproductive. Bessent argued that the administration’s strategy prevented a catastrophic global oil spike to $150 per barrel, ensuring the world remained "well supplied" with 250 million barrels of crude. While acknowledging the financial pressures of the conflict, Bessent maintained that the temporary waivers were a "narrowly tailored" necessity to protect the American consumer and support vulnerable allies facing an energy crisis. #ScottBessent #IranConflict #TreasuryDepartment #OilPrices #BreakingNews #Sanctions #Economy2026 #SenateHearing #GasPrices #NationalSecurity