U.S. Treasury Secretary Scott Bessent is scheduled to hold a press conference at 2 p.m. EDT on Monday regarding sanctions on Iran following U.S. and Israeli strikes that began February 28. Iran has restricted shipping in the Strait of Hormuz, contributing to higher global oil prices, according to reports from Al-Monitor and the New York Times. Iranian officials have described the sanctions shift as a sign of desperation while vowing to halt regional oil exports.