US Treasury Secretary Bessent says US Treasury plans to impose more Iran secondary sanctions every week, starting with banks, adds we're telling banks it's not okay to have Iranian money and to aid Iranian regime

• Probably next time we'll just sanction a bank outright, after the US imposed curbs on an Egyptian bank's United Arab Emirates branches, while he disagrees with the narrative that Iran pressure campaign will not be successful unless Chinese firms are targeted with secondary sanctions.

Weekly cadence secondary-sanctions campaigns of this kind have a well-worn template: designations roll out in tranches, starting with financial intermediaries in permissive jurisdictions before escalating toward the harder question of whether to touch banks in major economies that continue transacting with the sanctioned state. The transmission to oil runs through payment channels, shipping insurance, and freight availability rather than formal supply measures; past episodes of maximum-pressure campaigns have shown enforcement intensity, not the sanctions architecture itself, is what moves actual export volumes, and markets have repeatedly re-priced on evidence of lax enforcement against third-country buyers. The tell here is the comment that the next step is sanctioning a bank outright, which signals a shift from designating branches or subsidiaries to naming parent institutions, a step that has historically triggered rapid correspondent de-risking well beyond the named entity. The explicit pushback on the China question is the notable dodge: pressure campaigns against Iran have historically had their ceiling set by whether the enforcing state is willing to sanction the largest buyer's financial system, and declining to do so caps the programme's bite on crude flows. Worth watching is whether subsequent designations move up the chain from regional banks to entities in the primary buyer's jurisdiction, and how oil freight rates and dark-fleet insurance costs respond, since those have been the cleaner real-time gauges of enforcement than headline designations. The Egyptian bank precedent cited indicates the campaign is targeting Gulf-adjacent intermediaries first, consistent with past sequencing.