U.S. Treasury Secretary Scott Bessent highlighted the impact of the U.S. Navy’s ongoing blockade of Iranian ports on Iran’s oil revenue.
He took to X on Tuesday to reiterate that President Donald Trump would continue with the blockade on the Strait of Hormuz, and “In a matter of days, Kharg Island storage will be full and the fragile Iranian oil wells will be shut in.”
Bessent added, “Constraining Iran’s maritime trade directly targets the regime’s primary revenue lifelines.” He also said that the U.S. Treasury will intensify its “Economic Fury” campaign to apply maximum economic pressure on Iran, aiming to disrupt its ability to generate, move, and access funds globally.
US Tightens Pressure On Iran
The U.S. Treasury said last week that it is increasing pressure on Iran by sanctioning two illicit networks as part of Operation “Economic Fury”: the Shamkhani petroleum network linked to Iranian-Russian oil trade and a Hezbollah-linked money laundering scheme involving oil-for-gold transactions. It also warned financial institutions of potential secondary sanctions for supporting Iran’s activities.
Meanwhile, Trump stated that Iran is losing $500 million each day due to the blockade in Hormuz. As per his posts on Truth Social, late Tuesday, Trump said that Iran’s threats to close the Strait of Hormuz are for optics, arguing they prefer it open to earn revenue and are only posturing because U.S. pressure has already “blockaded” it. He added that Tehran is “starving for cash!”
On Tuesday, Trump said the U.S. would extend the ceasefire, citing a “fractured” Iranian government and diplomatic requests by Pakistan, easing immediate escalation fears despite lingering uncertainty.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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