Treasury Secretary Scott Bessent stated that the United States is intensifying its economic measures against Iran, describing the current approach as 'suffocating' the Iranian regime through escalating financial pressure, frozen assets, and a naval blockade [1]. Bessent explained that President Donald Trump directed the Treasury to implement 'economic fury' on Iran, with U.S. authorities closely monitoring Iranian financial networks, offshore assets, and any attempts to transfer money into the country to support the Islamic Revolutionary Guard Corps (IRGC) [1].
Bessent highlighted that several Gulf states have cooperated with the U.S. by providing information and allowing the freezing of Iranian assets, particularly after Iran bombed neighboring countries—a move he characterized as a significant miscalculation by the Iranian regime [1]. He further noted that the U.S. is actively blockading Iran both militarily, with the Navy, and economically, by targeting the IRGC, which he labeled a 'corrupt institution' that has been misappropriating funds from the Iranian people [1].
According to Bessent, Iran's oil infrastructure is under severe strain, with storage facilities nearing capacity. He warned that the regime may be forced to begin shutting in oil wells 'in the next week' due to these pressures [1]. This development is expected to impact global oil markets, as Bessent predicted a decline in oil prices, referencing futures market data that shows lower prices three, six, and nine months ahead [1]. He also mentioned that 'hundreds of oil tankers' are waiting in the Gulf, ready to enter the market once restrictions ease [1].
The U.S. has committed to continuing its efforts to track and preserve Iranian assets for the benefit of the Iranian people after the current conflict, according to Bessent [1].
CONCLUSION
The U.S. has significantly escalated its economic and military pressure on Iran, with Treasury Secretary Bessent warning of imminent oil well shutdowns and a likely drop in oil prices. The cooperation of Gulf states and the ongoing blockade signal a high-impact development for both regional stability and global energy markets.