US treasury secretary says China ‘not going to be able to get their oil’

14/04/2026

WASHINGTON, Apr 14: Scott Bessent has warned that China will not be able to access its oil shipments through the Strait of Hormuz amid escalating tensions linked to Iran.

Speaking to reporters on the sidelines of the IMF-World Bank meetings, Bessent said Chinese tankers attempting to transit the strategic waterway would be blocked. “Those ships aren’t going to be allowed out anymore… they’re not going to be able to get their oil,” he stated.

He further cautioned that any country complying with Iran’s reported demand for toll payments to reopen access would face consequences. “You’re not going to pass,” Bessent said, adding that paying such tolls would constitute a violation of U.S. sanctions and “that never ends well.”

Bessent acknowledged that the ongoing conflict involving Iran is driving up global energy costs but described the impact as temporary. He argued that short-term economic strain is justified to prevent what he called the far greater risk of a nuclear-armed Iran.

“A small bit of economic pain for a few weeks is worth taking off the incalculable tail risk,” he said.

Addressing concerns over rising fuel prices, Bessent expressed confidence that the situation would stabilize. He said the conflict would eventually subside, leading to a decline in energy prices and easing inflation pressures globally.