China is the only country that continues to buy Iranian oil following the lifting of U.S. sanctions

No country other than China is currently buying Iranian oil due to fears of a reinstatement of U.S. sanctions, according to U.S. Treasury Secretary Scott Bessent.

According to the official, international buyers are avoiding deals because they are concerned about the possible reinstatement of sanctions and potential prosecution by the U.S. Treasury Department, forcing Iran to sell its crude oil to Beijing at a discount.

The minister noted that such market conditions are a compelling reason for Tehran to welcome further negotiations with the United States. The current situation arose after the U.S. Department of the Treasury issued a general license for the sale of Iranian crude oil and petroleum products for a period of 60 days. This move followed the signing of a bilateral memorandum of understanding between Iran and the U.S. on June 17.

Source: Bessent in an interview with Fox News.

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