(Bloomberg) — President Donald Trump said he would impose secondary sanctions on nations or companies buying Iranian oil, ratcheting up pressure on Tehran as nuclear talks with the US hit a snag.
Most Read from Bloomberg
“Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions,” Trump said in a Thursday post on social media, without providing further details on the measures. “They will not be allowed to do business with the United States of America in any way, shape, or form.”
Trump has vowed to put “maximum pressure” on Iran as part of the administration’s strategy to prevent the Middle Eastern nation from acquiring nuclear weapons. The latest comments came a day after the US administration sanctioned seven entities it accused of trading Iranian oil.
Iran shipped about 1.7 million barrels per day of crude and condensates during April, according to preliminary estimates. China’s private refineries buy the vast majority of those exports — more than 80% last month, according to data from analytics firm Kpler. The purchases are a lifeline for Tehran but also bolster a cash-strapped industry that relies on discounted crude.
The US has already sanctioned two of these refineries in the past two months, as it steps up efforts to sever a vital financial relationship. Tightening those measures or targeting other Chinese entities could further inflame tensions with Beijing, which is already embroiled in a trade war with the US. It could also mean sanctions for the United Arab Emirates, a key US partner in the Middle East that also purchases Iranian petroleum products.
US crude futures gained after Trump made his announcement, rising as much as 2.2% to $59.50 a barrel.
The negotiations over Iran’s nuclear program are facing fresh uncertainty after a meeting set to take place this weekend was postponed and US officials said they had never agreed to join the latest round in the first place.
Oman’s foreign minister said on X that a new round of talks between US and Iranian officials scheduled on Saturday will be pushed back due to “logistical reasons.” “New dates will be announced when mutually agreed,” said Badr Albusaidi, whose government is facilitating the negotiations.
But a spokesperson for President Donald Trump’s envoy, Steve Witkoff, said the US never announced that a meeting was set to take place this weekend. State Department spokeswoman Tammy Bruce said Thursday that despite some reports, the US “was never confirmed to be participating in a fourth round of talks with Iran.”
“I would say this is a fluid situation,” Bruce added. “But we expect another round of talks will take place in the near future.”
Iranian state media reported on Thursday that the talks were rescheduled at the request of Oman, citing a spokesman for Iran’s foreign ministry, who said the next possible dates will be announced later.
Washington and Tehran last week signaled progress in negotiations, even as both sides said that substantial work remains to be done. Iranian Foreign Minister Abbas Araghchi said he was cautiously optimistic a deal could be reached if the US avoided “unrealistic and impossible demands.”
Trump has pledged he won’t allow Iran to develop or obtain nuclear weapons, as he seeks to replace a 2015 nuclear deal he abandoned with a new agreement. His administration has also stepped up pressure on Tehran, rolling out several rounds of sanctions. Iran has insisted that its nuclear program is peaceful while maintaining that its ability to enrich uranium is non-negotiable.
Trump’s latest secondary sanctions on Iran’s oil and petroleum products echo some of his first-term moves against Tehran. After the president withdrew the US from the Obama-era accord limiting Iran’s uranium enrichment, he reimposed sanctions suspended by the deal and slapped new restrictions on other countries’ purchases of oil from the OPEC member.
The strategy caused Iran’s oil exports to fall along with its currency — an outcome Trump hailed Thursday as preventing conflict in the Middle East. “Iran had no money when I was president; they were out of money, they were bust,” Trump said in a Rose Garden prayer event Thursday. “They weren’t giving it to Hamas. They weren’t giving it to Hezbollah. They weren’t giving it to anybody because they didn’t have any money.”
The other US sanctions announced Wednesday targeted four sellers and one purchaser of Iranian petrochemicals “worth hundreds of millions of dollars,” as well as an Iran-based cargo inspection company and a marine management firm helping facilitate the transport of Iranian crudes and products, according to a statement by Secretary of State Marco Rubio.
While Witkoff and other officials have suggested nuclear talks are making progress, other members of Trump’s administration have taken a harder line. On Wednesday, Defense Secretary Pete Hegseth blasted Iran and reiterated accusations that it’s providing lethal support to Houthi rebels in Yemen.
“We see your LETHAL support to The Houthis,” Hegseth wrote on X. “We know exactly what you are doing. You know very well what the U.S. Military is capable of — and you were warned. You will pay the CONSEQUENCE at the time and place of our choosing.”
–With assistance from Natalia Drozdiak, Golnar Motevalli, Joe Ryan, Stephanie Lai, Eric Martin, Weilun Soon and Clara Ferreira Marques.
(Updates with details on China’s buying patterns in fourth paragraph, sanctions in fifth.)
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.
