U.S. Treasury Secretary Scott Bessent threatened on Thursday that Iran would face economic isolation “the likes of which the world has never seen,” announcing that new measures are being prepared and will be presented “next week,” in addition to the blockade of Iranian ports in the Gulf in retaliation for the closure of the Strait of Hormuz, a sea route of strategic importance for global hydrocarbon trade.
“It will be a combination of economic isolation unlike anything the world has ever seen and the continuation of the blockade of the Strait of Hormuz, which will prevent anything from entering or leaving Iranian ports,” Mr. Besent told the ultra-conservative Newsmax network.
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“Stay tuned; more announcements are coming next week,” he added, without clarifying the nature of the new measures he had announced.
The minister presented his strategy as a combination of two levers—economic suffocation and physical blockade—drawing comparisons with Cuba and Venezuela. “Venezuela collapsed immediately when we imposed a blockade on it,” he said.
U.S. Treasury Secretary Bessent assured CNBC on August 4 that an agreement between Washington and Tehran was likely “today or tomorrow” to reopen the Strait of Hormuz—a statement that had led to a rally on Wall Street and a drop in oil prices.
The option of economic pressure is favored in Washington, as the diplomatic channel appears to be closed. Both sides are insisting on the conditions they have set for reopening the Strait of Hormuz.
