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Scott Bessent

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international

US Eyes Redirecting Iranian Assets to Gulf Allies for Reconstruction

The U.S. government will attempt to redirect Iranian assets to Gulf states for rebuilding and repairs of damage caused by Iran, including future destruction expected to be inflicted by Tehran, a source familiar with the matter said on Saturday. The move comes a day after a wave of attacks by Iran against Kuwait and Bahrain. U.S. Treasury Secretary Scott Bessent has also directed a team to assess costs for damage already inflicted on Gulf allies by Iran. The United States will consider using Iranian assets for those repairs as well, according to the source. The source did not specify what kind of assets the Treasury was examining. The language used to describe the new measures did not appear limited to frozen assets, suggesting that the U.S. could examine a broader range of Iranian financial holdings. The Trump administration is seeking […]

Abdulmumini Auwal SA June 7, 2026

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international

Iran Calls for Actions Not Words as US–Iran Peace Deal Nears Final Stage

Iran has called for concrete actions rather than words after US officials said a peace deal extending the ceasefire in the Middle East war is close to finalisation, with the deal now awaiting President Donald Trump’s approval. US Vice President JD Vance said Washington and Tehran are close to agreeing on a 60-day extension of the current ceasefire, which was first announced in early April before Trump set an open-ended extension prior to its expiration. The tentative deal would also allow traffic to freely flow through the strategic Strait of Hormuz while negotiators continue to address more difficult issues like Tehran’s nuclear programme. Speaking to reporters, Vance described the Geneva talks on Tuesday as “productive in some ways,” though he cautioned that Iran remains “not yet willing” to engage fully on some elements and that negotiators are still “going back […]

Abdulmumini Auwal SA May 29, 2026

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international

US Treasury Sanctions Iran Authorities Overseeing Strait of Hormuz

The United States Treasury has announced new sanctions against Iran’s Persian Gulf Strait Authority, the body created by Tehran to oversee and charge tolls on ships transiting the Strait of Hormuz. The Persian Gulf Strait Authority, launched on May 18, is responsible for approving vessel passage and collecting fees reportedly as high as $2 million per ship, forming part of Iran’s bid to consolidate control over the strategic waterway. The Strait of Hormuz handles a significant share of global oil and gas shipments, and Iran has been enforcing a multi-tiered clearance system for vessels using checkpoints on islands in the Gulf. Under the new measures, the Persian Gulf Strait Authority has been added to the US Specially Designated Nationals (SDN) list, meaning any assets it holds under US jurisdiction are frozen and US persons are barred from dealings with it. […]

Abdulmumini Auwal SA May 28, 2026

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Nigeria

Crude hits 114 as fears grow over fresh petrol price hikes in Nigeria

There are fresh concerns that petrol prices in Nigeria could rise further after Brent crude oil jumped to about 114 dollars per barrel following a sharp escalation in the United States and Israel war on Iran . Petrol is already selling for between N1,200 and N1,400 per litre in parts of the country, up from around N730 to N880 per litre before the conflict began on February 28 . Global prices surged after Israel struck Iran’s South Pars gas field, the world’s largest gas deposit, prompting Iranian missile and drone attacks on energy facilities in Qatar and Saudi Arabia and triggering fears of wider disruption to supplies . Brent crude rose by about 6.24 percent to 114.08 dollars per barrel, its highest level since May 2022, while US West Texas Intermediate crude climbed to around 96.33 dollars per barrel . […]

Abdulmumini Auwal SA March 20, 2026

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international

US, China ‘very close’ to TikTok deal as trade talks resume in Madrid

The United States is “very close” to finalising a deal with China over TikTok, US Treasury Secretary Scott Bessent said Monday as trade talks resumed in Madrid. Bessent and Chinese Vice Premier He Lifeng opened discussions on Sunday, aiming to ease tensions over trade and technology between the world’s two largest economies. The meetings will run until Wednesday — the deadline for TikTok to secure a buyer or face a ban in the US. “On the TikTok deal itself, we’re very close to resolving the issue,” Bessent told reporters on arrival at Spain’s foreign ministry for the second day of talks.“If we don’t reach an agreement on TikTok, it doesn’t affect the overall relationship between the two countries. It’s still very good at the highest levels,” he added. TikTok’s Chinese parent company ByteDance faces a US law requiring the platform’s […]

Abdulmumini Auwal SA September 15, 2025

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USA

Bessent Defends White House Economic Moves to Wary Business Leaders

In a pivotal address at the Milken Institute Global Conference, U.S. Treasury Secretary Scott Bessent staunchly defended the White House's economic strategies, aiming to reassure business leaders concerned about recent policy shifts. Emphasizing Strategic Uncertainty Bessent highlighted the administration's approach of "strategic uncertainty" in economic negotiations, suggesting that unpredictability can be a valuable tool in securing favorable trade deals. Addressing Business Leaders' Concerns Acknowledging the apprehensions of business leaders, Bessent emphasized the administration's commitment to fostering a conducive environment for investment and growth. He pointed to legislative efforts aimed at making small business deductions permanent and enhancing tax incentives for research and manufacturing. Market Resilience Amid Policy Shifts Despite market volatility and concerns over tariffs, Bessent expressed confidence in the resilience of U.S. financial markets, describing them as "antifragile" and capable of adapting to policy changes.

Ahmad May 5, 2025

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