US Treasury Secretary Scott Bessent stated on Sunday that the United States is intensifying financial pressure on Iran through escalating sanctions, frozen assets and a naval blockade, while forecasting a potential decline in oil prices as alternative supplies enter the market.
Bessent revealed that President Donald Trump directed the Treasury Department to unleash economic fury against the Iranian regime. American authorities are closely watching Iranian financial networks, offshore holdings and any efforts to channel funds to the Islamic Revolutionary Guard Corps.
"The way to think about that [economic fury] - we were running a marathon over the past 12 months, and now we are sprinting towards the finish line… We are suffocating the regime, and they are not able to pay their soldiers," Bessent said on Fox News' "Sunday Morning Futures."
The Treasury chief described a full-scale effort with all resources deployed, including a literal naval blockade and aggressive economic measures aimed at the IRGC, which he labeled a corrupt institution.
"They've been stealing from the Iranian people for years. They have money offshore. We've tracked that down. We will continue to track that down, and we're going to preserve those assets for the Iranian people on the other side of this conflict," he added.
Bessent noted that Iran’s oil infrastructure is in decline. Storage facilities are filling rapidly, and the regime could be forced to shut in wells within the coming week.
He expressed confidence that these developments would drive oil prices lower, citing futures markets that already reflect declining prices three, six and nine months ahead. Hundreds of oil tankers are reportedly waiting in the Gulf to load and depart, he said.
Bessent pointed out that several Gulf states have cooperated with the US in locating Iranian financial assets. He described Iran’s decision to bomb its neighbors as a major miscalculation that prompted this assistance.
The US has been imposing a naval blockade on the Strait of Hormuz, which began in mid-April.
Trump announced the blockade after delegations from Iran and the United States held extended negotiations in Islamabad but failed to produce an agreement.
The US has also continued its pressure campaign on Iran by imposing sanctions on it, even amid talks to end the current war.