Iran Blasts U.S. Sanctions as 'Extraterritorial Sovereignty'; Oil Steady

Helima Croft, head of global commodity strategy at RBC Capital Markets, questioned whether a new round of sanctions would change Iran's behavior. Iran is already one of the most sanctioned countries in the world, she told CNBC. Tehran appears to believe it can outlast the U.S., Croft said.

Iranian President Masoud Pezeshkian described the June 17 memorandum of understanding with the U.S. as a victory. "It is better to end the war today" when Iran is in a position of power, he said, according to state news agency PressTV.

Bessent said he will hold a news conference Monday to detail the plan. Vice President JD Vance said economic pressure is the U.S.'s "most effective tool" against Iran, adding that "they felt a lot more pressure than we have."

Ship traffic through the Strait of Hormuz remains a fraction of pre-war levels, with no deal to reopen the strait in sight.