US Treasury Secretary Scott Bessent vowed on Monday to persist with economic pressure on Iran, saying a turning point could be near as G20 finance leaders opened talks clouded by war and trade tensions.

"We are going to continue exerting pressure, and we've had very good discussions here already," Bessent told reporters before starting meetings with Group of 20 finance ministers and central bank governors.

He said a turning point in this US pressure campaign could come "within weeks or months," adding that Iran's economy need not collapse in the Middle East war to achieve this.

President Donald Trump's administration is working to rally G20 partners to ramp up economic pressure on Iran during the talks in Asheville, North Carolina, through Tuesday – amid a renewed exchange of fire with Tehran.

The first exchange of attacks for a month loomed over the meetings as leaders arrived on Monday morning at the mountainous compound of the Omni Grove Park Inn.

Already, the European Union urged "continued diplomatic efforts" to reach a peace settlement.

It welcomed efforts aimed at ensuring Iran ceases its "destabilising activities and engages in peace negotiations with good faith," including through US-led economic pressure.

French Finance Minister Roland Lescure told reporters that officials would listen to the US plans.

"We all need to work on this. The US have got a view on how to enhance sanctions. We're going to discuss with them whether we can help on that front," he said.

The G20 comprises 19 nations plus the EU and the African Union. It was established in the wake of the 1997-1998 Asian financial crisis to boost global economic and financial stability. (AFP)


Edited by Aaron Tam