Payam Javan: The United States is intensifying economic pressure on Iran as the country’s remaining oil shipments to China decline and Washington seeks additional concessions from Tehran in ongoing nuclear negotiations. Treasury Secretary Scott Bessent said Sept. 27 that roughly 15 million barrels of Iranian crude remained in transit to China, estimating that those shipments could be delivered within about two weeks.

Bessent said the United States is restricting Iran’s access to oil revenues and international financial transactions through “Operation Economic Outcast,” a sanctions campaign aimed at entities and individuals involved in business with Tehran. On Sept. 29, the Treasury Department announced new sanctions against individuals and companies it accused of helping Iran procure weapons and military components through international networks.

Among those targeted were individuals and entities in China, Hong Kong and other jurisdictions that the Treasury Department said were involved in Iran’s military procurement activities. U.S. officials have also said that China has substantially reduced assistance to Iran, while Washington continues to use restrictions on Iranian oil exports as part of its broader economic pressure campaign.

The economic measures come as Washington and Tehran continue diplomatic contacts through intermediaries. President Donald Trump said talks with Iran were expected to continue, while Iranian officials have sought negotiations over issues including sanctions, oil exports and the Strait of Hormuz. Trump has rejected Iran’s latest proposal, while Iranian officials have maintained that diplomacy remains the path toward resolving the dispute.

The pressure on Iran is unfolding against a volatile global energy backdrop. Although Iranian oil exports have been severely disrupted, broader Middle Eastern oil shipments have recently recovered toward prewar levels through alternative routes and increased protection of commercial shipping. Brent crude remains above $100 a barrel, while continued uncertainty surrounding the Strait of Hormuz and regional security is keeping energy markets sensitive to developments in the conflict and negotiations.