Scott Bessent Says U.S. Tightening Economic Pressure on Iran to Hit Oil Revenues

Scott Bessent revealed that Iran's oil industry is in a precarious state, largely due to the ongoing U.S. naval blockade and mounting sanctions. He claimed that Iran's primary oil export terminal, Kharg Island, is nearing its storage capacity, which could lead to significant reductions in oil production. This reduction could result in revenue losses of up to $170 million per day for Iran, along with potential long-term damage to its oil infrastructure.

In a broader economic strategy dubbed "Operation Fury," the U.S. Treasury is targeting what Bessent described as Iran's "international shadow banking infrastructure," which includes various networks supporting its oil trade. By tightening these economic measures, the U.S. aims to disrupt tens of billions of dollars that could be used to fund activities Iran supports in the region.

Bessent indicated that the U.S. is prepared for prolonged economic engagements to ensure that Iran's ability to generate oil revenues is severely hindered, thereby maintaining pressure for concessions related to its nuclear program. He also commented on the potential for new sanctions or economic measures if the situation necessitates further action.